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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: (i) Whether the corporate debtor was required to be put under liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016. (ii) Whether the resolution professional could be appointed as liquidator under section 34(1) of the Insolvency and Bankruptcy Code, 2016.
Issue (i): Whether the corporate debtor was required to be put under liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016.
Analysis: The resolution process had run its course without approval of any resolution plan within the permitted period. The successful applicant had failed to furnish the performance guarantee, the rival plans did not secure the requisite voting threshold, and repeated opportunities granted for a workable resolution, including an attempt to explore a joint resolution arrangement and continuation as a going concern, did not yield any approved plan.
Conclusion: The corporate debtor was liable to be liquidated under section 33(1) of the Insolvency and Bankruptcy Code, 2016.
Issue (ii): Whether the resolution professional could be appointed as liquidator under section 34(1) of the Insolvency and Bankruptcy Code, 2016.
Analysis: The committee of creditors had recommended the existing resolution professional for liquidation, and the statute permits such appointment subject to the filing of written consent in the prescribed manner.
Conclusion: The resolution professional was appointed as the liquidator, subject to submission of written consent under section 34(1) of the Insolvency and Bankruptcy Code, 2016.
Final Conclusion: The application for liquidation was allowed and the corporate debtor was directed to proceed into liquidation, with the existing resolution professional taking charge as liquidator upon compliance with the statutory consent requirement.
Ratio Decidendi: Where no resolution plan is approved within the permissible CIRP period and the process has otherwise failed to produce a viable approved plan, liquidation under section 33(1) follows, and the resolution professional may be appointed liquidator subject to statutory consent.
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