Liquidation under insolvency law follows when no resolution plan survives and the existing Resolution Professional may be appointed as liquidator.

Where no resolution plan is approved within the CIRP and the Committee of Creditors gives complete rejection, the statutory conditions for liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016 are treated as satisfied, so liquidation follows as a mandatory consequence. On liquidation being ordered, section 34(1) permits appointment of the existing Resolution Professional as liquidator if written consent is on record, and the stated analysis found no impediment to that appointment. The material also notes the liquidation framework on costs, sale as a going concern, fee, public announcement, claims, and reporting obligations.

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Issues: Whether the corporate debtor was liable to be sent into liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016, and whether the Resolution Professional should be appointed as liquidator with consequential directions.

Analysis: The resolution plan submitted in the CIRP was rejected by the Committee of Creditors with complete voting rejection, and no other resolution plan survived within the permitted period. The statutory conditions for liquidation under section 33(1) were therefore satisfied. On liquidation being ordered, section 34(1) enabled appointment of the existing Resolution Professional as liquidator, and his written consent having been on record, there was no impediment to such appointment. The order also dealt with the regulatory framework governing liquidation costs, possible sale as a going concern, liquidator's fee, public announcement, claims, and reporting obligations under the liquidation regulations.

Conclusion: Liquidation was ordered and the Resolution Professional was appointed as Liquidator. The application was allowed.

Ratio Decidendi: Once no resolution plan is approved within the CIRP framework and the statutory preconditions under section 33(1) are met, liquidation follows as a mandatory consequence, and the existing Resolution Professional may be appointed as liquidator under section 34(1) if consent is furnished.

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