No resolution plan and CoC approval can trigger liquidation under the insolvency code, with the RP appointed as liquidator on consent.

Where no resolution plan is received during the insolvency resolution process and the Committee of Creditors approves liquidation with the requisite voting share, the corporate debtor becomes liable to liquidation under the Insolvency and Bankruptcy Code, 2016. The Resolution Professional may be appointed as Liquidator if he has given written consent in the prescribed form. The stated basis is that the resolution process has run its course, the process period is near expiry, and the statutory conditions for liquidation are met, leading to a liquidation order and appointment of the same professional as Liquidator.

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Issues: Whether, in the absence of any received resolution plan and upon the Committee of Creditors approving liquidation with the requisite voting share, the corporate debtor was liable to be put into liquidation and the Resolution Professional appointed as Liquidator.

Analysis: The application was moved by the Resolution Professional after the Committee of Creditors resolved with 100% voting share that the corporate debtor should be liquidated and that the same Resolution Professional should act as Liquidator. The record showed that the resolution process had run its course, the period for completion of the insolvency resolution process was nearing expiry, and despite publication of the invitation for resolution plans, none was received. On these facts, the statutory conditions under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 were satisfied. The Resolution Professional had also submitted his written consent in the prescribed form, bringing the matter within Section 34(1) of the Code.

Conclusion: The liquidation of the corporate debtor was ordered and the Resolution Professional was appointed as Liquidator.

Ratio Decidendi: Where no resolution plan is received within the insolvency resolution process and the Committee of Creditors approves liquidation with the requisite voting share, the Adjudicating Authority must pass a liquidation order and may appoint the Resolution Professional as Liquidator upon his consent.

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