Liquidation follows as a statutory consequence when no resolution plan emerges and creditors unanimously approve liquidation.

Where no resolution plan or expression of interest is received during the CIRP, and the Committee of Creditors unanimously approves liquidation, the Adjudicating Authority is required under the Insolvency and Bankruptcy Code, 2016 to order liquidation. The record showed that the resolution process had continued beyond the prescribed period, Form G yielded no response, and the creditor body voted for liquidation. Liquidation was therefore directed as the statutory consequence, and a liquidator was appointed under the Code to conduct the liquidation process in accordance with the applicable regulations.

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Issues: Whether the Corporate Debtor was liable to be put into liquidation and a Liquidator appointed when no expression of interest or resolution plan was received and the Committee of Creditors unanimously recommended liquidation.

Analysis: The record showed that the corporate insolvency resolution process had continued beyond the prescribed period, no expression of interest had been received despite publication of Form G, and the Committee of Creditors had unanimously resolved to liquidate the Corporate Debtor. On these facts, the statutory scheme under Section 33 of the Insolvency and Bankruptcy Code, 2016 required the Adjudicating Authority to order liquidation once no resolution plan was forthcoming and the requisite creditor approval for liquidation had been obtained. Consequential directions were also issued for appointment of a Liquidator under Section 34 and for conduct of the liquidation process under Chapter III of the Code and the Liquidation Process Regulations.

Conclusion: Liquidation of the Corporate Debtor was ordered and a Liquidator was appointed.

Ratio Decidendi: Where no resolution plan is received and the Committee of Creditors approves liquidation with the requisite voting share, liquidation follows as a statutory consequence under Section 33 of the Insolvency and Bankruptcy Code, 2016.

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