Liquidation under the Insolvency Code followed creditor approval after no resolution plan or expression of interest was received.

A corporate debtor was placed into liquidation under the Insolvency and Bankruptcy Code after the committee of creditors found that no resolution plan or expression of interest had been received. The committee, acting with 100% voting share, resolved to commence liquidation and approved the proposed liquidator. On that basis, the statutory conditions for liquidation were treated as satisfied, and the adjudicating authority proceeded under the liquidation provisions of the Code and the connected regulations. Mr. Vijay Pitamber Lulla was appointed as liquidator.

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Issues: Whether the corporate debtor should be ordered into liquidation and a liquidator appointed under the Insolvency and Bankruptcy Code, 2016.

Analysis: The corporate insolvency resolution process had been admitted on an operational creditor's application, the committee of creditors had considered the matter in several meetings, and no resolution plan or expression of interest was received. The committee of creditors thereafter resolved, with 100% voting share, to commence liquidation and also approved the proposed liquidator. In these circumstances, the statutory conditions for liquidation were satisfied and the adjudicating authority acted under the liquidation provisions of the Code and the connected regulations.

Conclusion: The corporate debtor was ordered to be liquidated and Mr. Vijay Pitamber Lulla was appointed as liquidator.

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