https://www.taxtmi.com/caselaws?id=410630 Where no resolution plan is approved within the CIRP and the Committee of Creditors gives complete rejection, the statutory conditions for liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016 are treated as satisfied, so liquidation follows as a mandatory consequence. On liquidation being ordered, section 34(1) permits appointment of the existing Resolution Professional as liquidator if written consent is on record, and the stated analysis found no impediment to that appointment. The material also notes the liquidation framework on costs, sale as a going concern, fee, public announcement, claims, and reporting obligations. en-us Mon, 26 Jul 2021 00:00:00 +0530 Fri, 06 Aug 2021 09:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410630 Where no resolution plan is approved within the CIRP and the Committee of Creditors gives complete rejection, the statutory conditions for liquidation under section 33(1) of the Insolvency and Bankruptcy Code, 2016 are treated as satisfied, so liquidation follows as a mandatory consequence. On liquidation being ordered, section 34(1) permits appointment of the existing Resolution Professional as liquidator if written consent is on record, and the stated analysis found no impediment to that appointment. The material also notes the liquidation framework on costs, sale as a going concern, fee, public announcement, claims, and reporting obligations. Case-Laws Insolvency and Bankruptcy Mon, 26 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410630