Liquidation after failed resolution process, with appointment of a liquidator and consequential insolvency directions.

Where the resolution process had been completed without approval of any viable resolution plan and the extended period had expired, the statutory conditions for liquidation under the Insolvency and Bankruptcy Code, 2016 were treated as satisfied. The Tribunal accepted the proposal to appoint the named professional as liquidator and issued consequential directions on public announcement, cessation of moratorium, reporting obligations, and intimation to authorities. The corporate debtor was directed into liquidation accordingly.

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Issues: Whether the corporate debtor should be put into liquidation on failure of the resolution process and whether a liquidator should be appointed.

Analysis: The resolution process had run its course, the committee of creditors had declined to approve any viable resolution plan, and the extended period for completion of the process had expired. In those circumstances, the statutory conditions for liquidation under the Insolvency and Bankruptcy Code, 2016 stood satisfied. The Tribunal also accepted the proposal for appointment of the named professional as liquidator and issued consequential directions regarding public announcement, cessation of moratorium, reporting obligations, and intimation to authorities.

Conclusion: The corporate debtor was directed to undergo liquidation and the named liquidator was appointed to conduct the liquidation process.

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