Liquidation under the Insolvency Code ordered after CIRP failed and the Committee of Creditors resolved to liquidate the company.

The corporate debtor was directed into liquidation under the Insolvency and Bankruptcy Code, 2016 because CIRP had concluded without any resolution plan surviving for approval and the CoC resolved to liquidate the company. Those section 33 conditions being satisfied, liquidation was ordered to commence immediately, and the proposed insolvency professional was appointed as liquidator to conduct the process under Chapter III of the Code and the Liquidation Process Regulations, 2016.

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Issues: Whether the corporate debtor was liable to be put into liquidation under section 33 of the Insolvency and Bankruptcy Code, 2016 and whether a liquidator was to be appointed.

Analysis: The Corporate Debtor had undergone CIRP, no resolution plan survived for approval, and the CoC resolved to liquidate the company. The conditions for initiation of liquidation under section 33 were therefore satisfied. The Tribunal also took note of the CoC's decision to appoint the proposed insolvency professional as liquidator and to proceed with liquidation in accordance with Chapter III of the Code and the Liquidation Process Regulations, 2016.

Conclusion: Liquidation was directed to commence immediately and the proposed liquidator was appointed to conduct the liquidation process.

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