Liquidation becomes mandatory when CIRP expires without a resolution plan and creditors vote to liquidate the corporate debtor.

Where the extended CIRP period expired without receipt of any expression of interest or resolution plan despite repeated publication of Form G, and the committee of creditors unanimously resolved to liquidate the corporate debtor, the adjudicating authority ordered liquidation under the insolvency framework. The resolution professional was appointed as liquidator, subject to the statutory requirements, because no resolution plan was available for consideration and liquidation became the prescribed course.

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Issues: Whether, in the absence of any resolution plan after repeated publication of Form G and expiry of the CIRP period, the corporate debtor was liable to be ordered into liquidation and a liquidator appointed.

Analysis: The application was founded on the fact that the corporate insolvency resolution process had been extended, yet no expression of interest or resolution plan had been received despite publication of Form G on two occasions. The committee of creditors had unanimously resolved to liquidate the corporate debtor and requested continuation of the resolution professional as liquidator. Since the extended CIRP period had expired and there was no resolution plan for consideration, the statutory course under the Code required liquidation.

Conclusion: The corporate debtor was ordered to be liquidated, and the resolution professional was appointed as liquidator subject to the statutory requirements.

Final Conclusion: The application was allowed and the insolvency resolution process was brought to its liquidation stage in accordance with the Code.

Ratio Decidendi: Where the CIRP has expired without receipt of any resolution plan and the committee of creditors resolves for liquidation, the adjudicating authority must order liquidation under the insolvency framework and appoint a liquidator in accordance with the Code.

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