Liquidation of corporate debtor confirmed where no resolution plan emerged and creditors unanimously backed winding up under insolvency law.

Where no approved resolution plan is received and the committee of creditors unanimously concludes that the corporate debtor has no prospects of revival, liquidation is warranted under the Insolvency and Bankruptcy Code, 2016 and the applicable resolution and liquidation regulations. On compliance with the statutory requirements, the tribunal considered the matter fit for a liquidation order under section 33(1) and directed liquidation of the corporate debtor. The proposed liquidator's consent to act in that capacity was also recorded, and the applicant was appointed as liquidator.

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Issues: Whether, in the absence of any approved resolution plan and upon the committee of creditors resolving for liquidation, the corporate debtor was liable to be placed in liquidation and a liquidator appointed.

Analysis: The application was filed after the corporate insolvency resolution process had commenced and no resolution plan was received within the process. The committee of creditors had unanimously resolved that the corporate debtor had no prospects of resolution or revival and should be liquidated. The requirements under the Insolvency and Bankruptcy Code, 2016 and the relevant liquidation and resolution process regulations were found to have been complied with, and the matter was considered fit for a liquidation order under section 33(1) of the Code. The proposed liquidator had also agreed to act in that capacity.

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

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