Liquidation Ordered u/s 33 of IBC: No Viable Resolution Plan; Appellants May Propose Scheme Under Companies Act Section 230.

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....Liquidation u/s 33 of the I&B Code - resolution plan from promoters - no such Plan can be admitted as more than 270 days have passed and in absence of any viable and feasible ‘Resolution Plan’, there was no option to the Adjudicating Authority, but to pass an order u/s 33 - it will be open to the Appellant/ Members to propose any arrangement/ scheme in terms of Section 230 of the Companies Act before Liquidator....