Liquidation of corporate debtor upheld where revival prospects were absent and the resolution professional was appointed liquidator.

The Tribunal directed liquidation of the corporate debtor after a committee of creditors resolution supported by 100% voting share and found no realistic prospect of revival. It noted that the company had been defunct for a long period, had no traceable directors or employees on record, and had not filed statutory returns for years. On that basis, the Tribunal held that the requirements for liquidation were satisfied and appointed the resolution professional as liquidator, having received consent to act in that capacity.

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Issues: Whether the corporate debtor should be put into liquidation and the resolution professional appointed as liquidator.

Analysis: The application was supported by the resolution passed in the committee of creditors, which resolved with 100% voting share to liquidate the corporate debtor. The Tribunal noted that the company had remained defunct for a long period, had no existing directors or employees traceable on record, had not filed statutory returns for years, and lacked meaningful prospects of revival as a going concern. The Tribunal was satisfied that the requirements for liquidation were met and that the resolution professional had furnished consent to act as liquidator.

Conclusion: The corporate debtor was directed to be liquidated and the resolution professional was appointed as liquidator.

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