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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the corporate debtor was liable to be put under liquidation and the resolution professional appointed as liquidator in view of the failure to implement the approved resolution plan and the directions issued by the appellate tribunal.
Analysis: The application was founded on the appellate direction to pass liquidation orders after the approved resolution plan was not implemented. The tribunal noted the CoC resolution fixing liquidation costs, declining a going-concern sale, and naming the resolution professional as liquidator. On that basis, and under the liquidation framework under the Insolvency and Bankruptcy Code, the tribunal held that liquidation was warranted and that the resolution professional could be appointed as liquidator. Consequential directions followed regarding public notice, intimation to the ROC, vesting of management powers in the liquidator, and the bar on proceedings against the corporate debtor during liquidation.
Conclusion: The corporate debtor was ordered to be liquidated and the resolution professional was appointed as liquidator; the relief was granted in favour of the applicant.
Ratio Decidendi: Where the approved resolution plan is not implemented and the competent appellate forum directs liquidation, the adjudicating authority may order liquidation and appoint the resolution professional as liquidator under the Code.
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