Liquidation after failed resolution process: Tribunal orders winding up and appoints the Resolution Professional as Liquidator.

Where the corporate insolvency resolution process failed to produce a resolution plan, and the Committee of Creditors resolved that liquidation was the feasible course, the Tribunal ordered liquidation under the insolvency framework. The decision rested on the absence of a viable resolution process outcome, the corporate debtor's non-operational status, and no expression of interest having been received. The Resolution Professional was appointed as Liquidator, and consequential directions were issued for public announcement, intimation to authorities, cessation of moratorium, discharge of employees, and conduct of the liquidation process in accordance with the applicable regulations.

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Issues: Whether the corporate debtor should be ordered into liquidation under the insolvency law after failure of the resolution process and the decision of the Committee of Creditors to liquidate.

Analysis: The application was moved by the Resolution Professional under the insolvency code after the Corporate Insolvency Resolution Process had not resulted in a resolution plan. The Committee of Creditors resolved that liquidation was the feasible course in view of the corporate debtor's non-operational status and the absence of any expression of interest. The statutory framework permits liquidation where the resolution process has failed and the relevant requirements for liquidation are satisfied. The Tribunal also issued consequential directions regarding appointment of the liquidator, public announcement, intimation to authorities, cessation of moratorium, discharge of employees, and conduct of the liquidation process under the applicable regulations.

Conclusion: The corporate debtor was directed to be liquidated and the Resolution Professional was appointed as Liquidator with further consequential directions.

Ratio Decidendi: Where the resolution process fails and the Committee of Creditors resolves to liquidate, the Tribunal may order liquidation under the insolvency code and issue consequential directions for conduct of the liquidation process.

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