Liquidation under Insolvency Code followed after withdrawal refusal and CIRP expiry, with full liquidation process directions issued.

Liquidation under the Insolvency and Bankruptcy Code followed after dismissal of the withdrawal request under section 12A and expiry of the CIRP period. The order treated those conditions as triggering section 33(1)(a), so the corporate debtor was directed into liquidation and a liquidator was appointed. Consequential directions covered public announcement, cessation and replacement of moratorium, scrutiny of preferential, undervalued and fraudulent transactions, statutory intimations, filing of reports, and conduct of the process under the liquidation framework.

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Issues: Whether the corporate debtor was liable to be put into liquidation and a liquidator appointed after dismissal of the withdrawal application and expiry of the CIRP period.

Analysis: The application for liquidation was considered in continuation of the dismissal of the withdrawal request under section 12A and the expiry of the 330-day CIRP period. The order recorded that liquidation followed as a consequence under section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. Directions were also issued regarding appointment of the liquidator, public announcement, cessation and replacement of moratorium, investigation into preferential, undervalued and fraudulent transactions, statutory intimations, filing of reports, and conduct of the process under the liquidation framework.

Conclusion: The corporate debtor was ordered to be liquidated and the liquidation application was allowed.

Final Conclusion: The matter was finally disposed of by directing liquidation of the corporate debtor with consequential directions for conduct of the liquidation process.

Ratio Decidendi: Once the CIRP withdrawal request is dismissed and the statutory conditions for liquidation are met, liquidation follows under section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, with the liquidation process then governed by the Code and the applicable regulations.

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