Liquidation after failed resolution process where no plan emerged and creditors unanimously approved winding up.

Liquidation of the corporate debtor was ordered after the extended corporate insolvency resolution process ended without any approved resolution plan. Repeated invitations for expression of interest were issued, a prospective resolution applicant withdrew, and no resolution plan was received within the extended period. The committee of creditors also unanimously resolved to proceed with liquidation. On these facts, the statutory condition for liquidation under the insolvency code was treated as satisfied.

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Issues: Whether liquidation of the corporate debtor should be ordered on failure to receive any resolution plan within the extended corporate insolvency resolution process period.

Analysis: The application was based on the expiry of the corporate insolvency resolution process period without receipt of an approved resolution plan. The record showed that invitations for expression of interest were issued more than once, a prospective resolution applicant initially responded but later withdrew, and no resolution plan was ultimately received within the extended time period. The committee of creditors had also resolved, with full voting support, to commence liquidation. In these circumstances, the statutory condition for liquidation under the insolvency code stood satisfied.

Conclusion: Liquidation of the corporate debtor was ordered.

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