CIRP revival barred after approved plan fails and liquidation begins under the Insolvency and Bankruptcy Code.

Approved resolution plans under the Insolvency and Bankruptcy Code cannot be revived de novo once persistent non-implementation leads to valid liquidation proceedings under Section 33. The tribunal held that the CIRP had already culminated in approval of a plan, and after repeated default by the successful resolution applicant, the process had lawfully shifted into liquidation. A party who itself initiated liquidation could not later seek restoration of that application and revival of a concluded CIRP. The cited precedents were inapplicable because they arose on materially different facts and did not support revival after failure of the revised plan and commencement of liquidation.

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Issues: Whether the Corporate Insolvency Resolution Process, after approval of the resolution plan and commencement of liquidation proceedings due to persistent default by the successful resolution applicant, could be de novo revived at the instance of the erstwhile resolution professional.

Analysis: The approved resolution plan had already been acted upon to the extent possible, but repeated defaults in payment led to invocation of the liquidation mechanism under Section 33 of the Insolvency and Bankruptcy Code. The appellant himself had initiated liquidation proceedings and later sought restoration of that application. In these circumstances, the request to restore and revive the concluded CIRP was inconsistent with the statutory scheme, because the CIRP had already culminated in an approved plan and, upon its failure, had moved into the liquidation stage. The cited precedents did not assist the appellant, as they arose on materially different facts and did not lay down a principle permitting revival of a closed CIRP after failure of the revised plan and initiation of liquidation.

Conclusion: The request for de novo revival of the CIRP was rightly rejected and the appeal failed.

Ratio Decidendi: Once a resolution plan has been approved and, upon persistent non-implementation, liquidation proceedings have been validly initiated, the CIRP cannot be revived de novo, particularly at the instance of the party who himself sought liquidation.

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