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Issues: Whether the corporate debtor should be ordered into liquidation and the resolution professional appointed as liquidator after the committee of creditors resolved to liquidate the company and no resolution plan was forthcoming.
Analysis: The committee of creditors had unanimously resolved to liquidate the corporate debtor after noting the absence of assets and the low likelihood of resolution. The Adjudicating Authority applied Section 33 of the Insolvency and Bankruptcy Code, 2016, which mandates liquidation where no resolution plan is received within the prescribed period or where the committee of creditors decides to liquidate the corporate debtor before approval of a resolution plan. The decision of the committee of creditors was treated as a matter of commercial wisdom, which is not open to judicial review in the absence of illegality or procedural infirmity. The record also supported appointment of the resolution professional as liquidator, subject to filing of written consent in the prescribed form.
Conclusion: The application for liquidation was allowed, the corporate debtor was directed to be liquidated, and the resolution professional was appointed as liquidator subject to compliance with the stated formality.
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