Commercial wisdom in insolvency permits liquidation when no viable resolution exists, with the Resolution Professional appointed as Liquidator.

When the Committee of Creditors, acting in its commercial wisdom, concludes that revival is not feasible and resolves to liquidate the corporate debtor, the Tribunal will ordinarily not interfere. The insolvency framework therefore permits liquidation on that recommendation, and the existing Resolution Professional may be appointed as Liquidator. Consequential statutory steps follow, including cessation of the earlier moratorium, commencement of liquidation moratorium, continuation of liquidation proceedings, investigation into the corporate affairs, and filing of the preliminary report within the prescribed time.

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Issues: Whether the corporate debtor was liable to be placed into liquidation on the recommendation of the Committee of Creditors, and whether the Resolution Professional could be appointed as Liquidator.

Analysis: The application was filed under the insolvency framework after the Committee of Creditors concluded that there was no realistic scope of revival or resolution and resolved to liquidate the corporate debtor. The decision of the commercial body was found to be based on the absence of viable resolution prospects, and no ground was made out to interfere with that commercial decision. The Tribunal accordingly accepted the request for liquidation and for appointment of the existing Resolution Professional as Liquidator, with consequential directions regarding cessation of the earlier moratorium, commencement of liquidation moratorium, continuation of liquidation steps, investigation of the corporate affairs, and filing of the preliminary report within the prescribed time.

Conclusion: Liquidation of the corporate debtor was ordered and the Resolution Professional was appointed as Liquidator.

Final Conclusion: The proceedings were finally determined by directing liquidation of the corporate debtor with all consequential statutory directions under the insolvency regime.

Ratio Decidendi: When the Committee of Creditors, in exercise of its commercial wisdom, concludes that revival is not feasible and resolves to liquidate, the Tribunal will ordinarily not interfere and may order liquidation with appropriate statutory consequences.

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