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Issues: Whether liquidation of the corporate debtor was to be ordered on the expiry of the corporate insolvency resolution process when no compliant resolution plan had been approved, and consequentially whether the resolution professional was to be appointed as liquidator with the usual liquidation directions.
Analysis: The application was founded on the expiry of the corporate insolvency resolution process and the absence of an approved resolution plan. The record showed that a resolution plan had been received but was found non-compliant and was not placed for vote. In such a situation, section 33(1) of the Insolvency and Bankruptcy Code, 2016 mandates liquidation where no resolution plan is received within the prescribed period or the extended period. The Tribunal therefore proceeded under section 33(2) and accepted the resolution professional's consent to act as liquidator under section 34(1). It also directed the statutory consequences flowing from liquidation, including cessation of the powers of the board and key managerial personnel, cooperation by personnel, publication of liquidation notice, and filing of the order with the Registrar of Companies.
Conclusion: Liquidation was ordered, and the resolution professional was appointed as liquidator with all consequential directions.
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