Liquidation under insolvency code follows when no resolution plan is approved and the resolution professional may be appointed liquidator.

The corporate insolvency resolution process had run through invitations for expression of interest, circulation of forms, consideration of resolution plans and time extensions, but no resolution plan was approved by the committee of creditors. With no approved plan in place, the statutory conditions for liquidation under the insolvency code were satisfied. The resolution professional had given consent to act as liquidator and was stated to hold a valid authorisation for assignment, so appointment as liquidator was permissible. Liquidation of the corporate debtor was therefore ordered and the resolution professional was appointed as liquidator.

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Issues: Whether liquidation of the corporate debtor was warranted under the insolvency code and whether the resolution professional could be appointed as liquidator.

Analysis: The corporate insolvency resolution process had progressed through invitations for expression of interest, circulation of forms, consideration of resolution plans, and further extensions of time. The committee of creditors ultimately rejected the resolution plan placed for voting, leaving no approved resolution plan in place. In these circumstances, the statutory conditions for liquidation were satisfied. The resolution professional had also furnished consent to act as liquidator and was stated to possess a valid authorisation for assignment, making appointment under the code permissible.

Conclusion: Liquidation of the corporate debtor was ordered and the resolution professional was appointed as liquidator.

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