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of <h1>Understanding Liquidation Under IBC Section 33: When and How Corporate Debtors Are Liquidated</h1> The liquidation process for corporate debtors under Section 33 of the Insolvency and Bankruptcy Code (IBC) can be initiated by the Adjudicating Authority in several scenarios: if the insolvency resolution period expires without a resolution plan, if a plan is rejected for non-compliance, or if the creditors decide to liquidate. Liquidation orders lead to a public announcement and bar new suits against the debtor, though legal proceedings can be initiated by the liquidator with approval. The order also serves as a notice of discharge for employees unless business operations continue. Relevant case law illustrates various applications and interpretations of these provisions.
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