Liquidation under the Insolvency Code follows when no resolution plan is received and creditors unanimously resolve to wind up the debtor.

Where no resolution plan is received within the statutory period and the Committee of Creditors unanimously resolves to liquidate the corporate debtor, the requirements for liquidation under Section 33 of the Insolvency and Bankruptcy Code, 2016 are satisfied. The record showed that CIRP had been admitted, claims were received and admitted, the Committee of Creditors consisted of a sole financial creditor, and the Interim Resolution Professional was proposed as liquidator. On that basis, liquidation was ordered and the Interim Resolution Professional was appointed as liquidator.

---

---

Issues: Whether the Corporate Debtor was liable to be ordered into liquidation and a liquidator appointed on the basis that no resolution plan was received and the Committee of Creditors unanimously resolved to liquidate the Corporate Debtor.

Analysis: The application was supported by the record showing that the CIRP had been admitted, claims were received and admitted, the Committee of Creditors consisted of a sole financial creditor, and the CoC had unanimously resolved to liquidate the Corporate Debtor and appoint the Interim Resolution Professional as liquidator. It was also recorded that no resolution plan had been received within the statutory period. In these circumstances, the requirements for invocation of Section 33 of the Insolvency and Bankruptcy Code, 2016 stood satisfied.

Conclusion: The request for liquidation was allowed and the Interim Resolution Professional was appointed as liquidator.

Ratio Decidendi: Where no resolution plan is received and the Committee of Creditors resolves to liquidate the Corporate Debtor, the adjudicating authority may order liquidation and appoint the liquidator under Section 33 of the Insolvency and Bankruptcy Code, 2016.

---