Liquidation under the Insolvency Code follows a valid CoC resolution, with the Resolution Professional appointed as Liquidator.

A Corporate Debtor may be taken into liquidation under section 33(2) of the Insolvency and Bankruptcy Code, 2016 where the Committee of Creditors has validly resolved to liquidate it before any resolution plan is confirmed. Here, the CoC approved liquidation by unanimous voting, the Resolution Professional consented to act as Liquidator under section 34(1), and liquidation was ordered with the Resolution Professional appointed as Liquidator. Ancillary prayers concerning sale structure and consolidated hearing with another matter were declined as not fit for grant at that stage.

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Issues: Whether the Corporate Debtor was liable to be ordered into liquidation under section 33(2) of the Insolvency and Bankruptcy Code, 2016 and whether the Resolution Professional was to be appointed as Liquidator, with the other ancillary prayers being maintainable.

Analysis: The Committee of Creditors resolved by 100% voting share to liquidate the Corporate Debtor after the Resolution Plan was rejected. Section 33(2) empowers the Adjudicating Authority to order liquidation where the Resolution Professional informs the Authority of a valid CoC decision, supported by the requisite voting share, taken before confirmation of any resolution plan. The Resolution Professional also gave consent to act as Liquidator under section 34(1). The additional prayers relating to sale structures and consolidated hearing with another matter were not found fit for grant at that stage.

Conclusion: Liquidation of the Corporate Debtor was ordered, and the Resolution Professional was appointed as Liquidator. The ancillary prayers were declined.

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