Liquidation follows when no resolution plan is approved before CIRP expiry, and an eligible resolution professional may be appointed as liquidator.

Where the corporate insolvency resolution process had expired and the committee of creditors had repeatedly failed to approve any resolution plan, liquidation followed under the Insolvency and Bankruptcy Code, 2016. The tribunal treated the absence of an approved plan and the expiry of the CIRP period as satisfying the statutory basis for liquidation, and accepted the resolution professional's request to act as liquidator. As the resolution professional consented and was otherwise eligible, appointment as liquidator was warranted. Liquidation of the corporate debtor was ordered and the resolution professional was appointed as liquidator.

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Issues: Whether liquidation of the corporate debtor was to be ordered after the resolution plan was not approved by the committee of creditors and the CIRP period had expired, and whether the resolution professional was to be appointed as liquidator.

Analysis: The application was filed by the resolution professional after the committee of creditors had, on repeated consideration, failed to approve any resolution plan and had resolved to proceed with liquidation. The record showed that the CIRP period had already expired, and no approved resolution plan was in place. In these circumstances, the statutory scheme under section 33 of the Insolvency and Bankruptcy Code, 2016 required liquidation to follow. Since the resolution professional had consented to act as liquidator and held the requisite professional standing subject to a valid authorisation for assignment, appointment as liquidator was warranted under the Code.

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

Ratio Decidendi: Where the CIRP has expired and no resolution plan has been approved by the committee of creditors, liquidation follows under section 33(2) of the Insolvency and Bankruptcy Code, 2016, and the resolution professional may be appointed as liquidator if otherwise eligible.

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