Liquidation under insolvency law followed expiry of CIRP with no resolution plan and no viable revival proposal.

A corporate debtor was found liable to be placed in liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016 because the CIRP period had expired without any resolution plan being received. The debtor had ceased business, had no workmen or employees, the committee of creditors declined to extend CIRP beyond 180 days, and no resolution applicant had shown interest despite invitation of plans. On those facts, the statutory conditions for liquidation were satisfied, and liquidation was ordered as the only available course under Chapter III of Part II of the Code.

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Issues: Whether the corporate debtor was liable to be placed in liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016 after expiry of the CIRP period without any resolution plan.

Analysis: The corporate debtor had ceased business, had no workmen or employees, and no resolution applicant had shown interest despite invitation of plans. The committee of creditors resolved not to extend the CIRP period beyond 180 days, and the resolution professional confirmed that no resolution plan had been received. In these circumstances, the adjudicating authority found that the statutory conditions for liquidation were satisfied and that liquidation was the only available course under Chapter III of Part II of the Code.

Conclusion: Liquidation of the corporate debtor was ordered under section 33(1) of the Insolvency and Bankruptcy Code, 2016.

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