Liquidation under insolvency law proceeds where no resolution plan emerges and creditor approval supports appointing the Resolution Professional as liquidator.

Liquidation under Section 33(1) of the Insolvency and Bankruptcy Code was found to be justified where the corporate insolvency resolution process had commenced, an invitation for expression of interest had been issued, and no resolution plan was received within the stipulated period. The Committee of Creditors resolved to liquidate the corporate debtor and approved the Resolution Professional's appointment as liquidator. The Tribunal recorded that the statutory requirements for liquidation were satisfied and that the Resolution Professional's consent to act as liquidator had been filed, so the liquidation application was allowed and liquidation directed.

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Issues: Whether the conditions for ordering liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 were satisfied and whether the Resolution Professional could be appointed as liquidator.

Analysis: The application was examined on the basis that the corporate insolvency resolution process had commenced, the invitation for expression of interest had been issued, and no resolution plan was received within the stipulated period. The Committee of Creditors thereafter resolved to liquidate the corporate debtor and approved the proposal to appoint the Resolution Professional as liquidator. The Tribunal found that the statutory conditions for liquidation under Section 33 were met, and that the consent of the Resolution Professional for acting as liquidator had been filed.

Conclusion: The application for liquidation was allowed, the corporate debtor was directed to be liquidated, and the Resolution Professional was appointed as liquidator.

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