https://www.taxtmi.com/caselaws?id=394972 Where the CIRP period expires without receipt of any resolution plan, section 33(1)(a) of the Insolvency and Bankruptcy Code requires liquidation as a statutory consequence. If the committee of creditors has also approved liquidation after failure of the resolution process, the corporate debtor is to proceed into liquidation. The resolution professional may be appointed as liquidator where he has given written consent, the committee of creditors has recommended his appointment, and no disqualifying material exists. The liquidation order should then be accompanied by the usual process directions, including public announcement, claims handling, vesting of powers in the liquidator, and compliance with the liquidation regulations. en-us Fri, 13 Dec 2019 00:00:00 +0530 Fri, 01 May 2020 11:11:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394972 Where the CIRP period expires without receipt of any resolution plan, section 33(1)(a) of the Insolvency and Bankruptcy Code requires liquidation as a statutory consequence. If the committee of creditors has also approved liquidation after failure of the resolution process, the corporate debtor is to proceed into liquidation. The resolution professional may be appointed as liquidator where he has given written consent, the committee of creditors has recommended his appointment, and no disqualifying material exists. The liquidation order should then be accompanied by the usual process directions, including public announcement, claims handling, vesting of powers in the liquidator, and compliance with the liquidation regulations. Case-Laws Insolvency and Bankruptcy Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394972