Liquidation under the Insolvency and Bankruptcy Code follows where no resolution plan is approved and the resolution professional consents to act as liquidator.

Where no resolution plan is approved during the corporate insolvency resolution process and the committee of creditors recommends liquidation, section 33(1) of the Insolvency and Bankruptcy Code permits liquidation once the adjudicating authority is satisfied that the statutory procedure has been complied with. The absence of a viable resolution plan and compliance with the liquidation regulations supported the order for liquidation. The resolution professional's consent to act as liquidator also satisfied section 34(1), so the resolution professional was appointed as liquidator.

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Issues: Whether the corporate debtor was liable to be taken into liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016, and whether the resolution professional could be appointed as liquidator under section 34(1) of the Code.

Analysis: The application was supported by the fact that no resolution plan had been approved during the corporate insolvency resolution process, the committee of creditors had resolved to recommend liquidation, and the adjudicating authority found that the resolution professional had complied with the procedure prescribed under the Code and the liquidation regulations. In view of the absence of a viable resolution plan and the recorded satisfaction that liquidation was appropriate, the statutory preconditions for passing a liquidation order were met. The consent of the resolution professional to act as liquidator also supported appointment under the Code.

Conclusion: The application for liquidation was allowed, the corporate debtor was ordered to be liquidated, and the resolution professional was appointed as liquidator.

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