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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether, on the Committee of Creditors having approved liquidation after rejection of the resolution plan, a liquidation order ought to be passed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016.
Analysis: The Resolution Professional informed the Adjudicating Authority that no resolution plan had been accepted by the Committee of Creditors and that the statutory threshold for liquidation had been met. The record showed that the plan had been considered, revised and ultimately rejected by the Committee of Creditors, which thereafter unanimously resolved to liquidate the corporate debtor. In that situation, Section 33(2) of the Insolvency and Bankruptcy Code, 2016 required the Adjudicating Authority to pass a liquidation order once the resolution professional communicated the approved decision of the Committee of Creditors. The Tribunal also issued consequential directions for appointment of a liquidator, public announcement, cessation of the earlier moratorium, commencement of the liquidation moratorium, intimation to authorities, and conduct of liquidation in accordance with the liquidation regulations.
Conclusion: Liquidation was ordered and the corporate debtor was directed to be placed into liquidation in terms of the Code.
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