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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 liquidation of the corporate debtor was warranted under the Insolvency and Bankruptcy Code, 2016 on account of absence of any resolution plan.
Analysis: The application was filed by the resolution professional under Section 33(2) after the corporate insolvency resolution process had commenced and the committee of creditors had resolved to liquidate the corporate debtor. No expression of interest was received within the prescribed timeline, and no resolution plan had been placed before the Adjudicating Authority under Section 30(6). In these circumstances, the statutory conditions for passing a liquidation order were satisfied. The resolution professional also consented to act as liquidator on the terms recorded in the order.
Conclusion: Liquidation of the corporate debtor was ordered, and the resolution professional was appointed as liquidator.
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