IBC Liquidation Process: Tribunal Orders Immediate Liquidation of Company

The Tribunal considered an Interlocutory Application under Section 33(2) of IBC, 2016, seeking reliefs related to the liquidation of the Corporate Debtor. Despite legal challenges by promoters, the Corporate Insolvency Resolution Process continued, with various orders passed by the Tribunal. The Committee of Creditors ultimately voted to liquidate the Company, leading to the Tribunal's order for immediate liquidation and appointing the existing Resolution Professional as the Liquidator.

---

---

Issues involved:
1. Interlocutory Application under Section 33(2) of IBC, 2016 filed by the Resolution Professional.
2. Admittance of Corporate Insolvency Resolution Process against the Corporate Debtor.
3. Challenge to CIRP initiation by the promoters and subsequent legal proceedings.
4. Public announcement for submission of claims under Section 15 of the Code.
5. Appointment of Resolution Professional and CoC decisions.
6. Previous orders passed by the Tribunal regarding the CIRP.
7. Receipt of Expression of Interest from a Resolution Applicant.
8. Resolution of Claims proposed in the Resolution Plan.
9. Resolution to liquidate the Corporate Debtor by the CoC.
10. Appointment of existing RP as the Liquidator.
11. Relief sought in the IA by the Resolution Professional.
12. Withdrawal of prayer by the RP during the hearing.
13. CoC's resolution to liquidate the Company.
14. Tribunal's observation on the completion of the CIR Process and subsequent order for liquidation.

Analysis:
1. The Tribunal considered an Interlocutory Application filed by the Resolution Professional under Section 33(2) of IBC, 2016, seeking reliefs related to the liquidation of the Corporate Debtor.
2. The Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor was admitted earlier, and subsequent legal challenges by the promoters were addressed by higher courts, leading to the continuation of the CIRP.
3. Various orders were passed by the Tribunal regarding the CIRP, including the appointment of Resolution Professionals and Authorized Representatives for Home Buyers, and setting deadlines for the CIR Process.
4. The Resolution Professional received an Expression of Interest from a Resolution Applicant, leading to discussions on the proposed Resolution Plan and the liquidation of the Corporate Debtor.
5. The Committee of Creditors (CoC) held meetings to consider the Resolution Plan and ultimately passed a resolution to liquidate the Company, with a majority voting in favor of the decision.
6. The Resolution Professional sought specific reliefs in the IA, but later withdrew one of the prayers during the hearing, leading to the Tribunal's decision based on the CoC's resolution for liquidation.
7. After reviewing the case records and considering the completion of the CIR Process, the Tribunal ordered the immediate liquidation of the Corporate Debtor and appointed the existing Resolution Professional as the Liquidator, specifying the duties and powers to be discharged.

This detailed analysis covers the key issues and the comprehensive progression of events leading to the Tribunal's final decision on the liquidation of the Corporate Debtor.

---