The Resolution Professional (RP) filed an application (CA 482/2019) under Section 33(2) and Section 60(5) of the IBC Code, seeking liquidation of the Corporate Debtor. The Committee of Creditors (COC), consisting solely of Indian Overseas Bank, passed a resolution to direct the RP to file the liquidation application. No resolution plan was received during the Corporate Insolvency Resolution Process (CIRP). The RP's name was proposed as the liquidator, and his consent was annexed. The absence of a resolution plan is a key fact, leading to the natural progression of the CIRP towards liquidation. The COC's decision to liquidate is also a crucial fact influencing the court's decision.

The Resolution Professional (RP) filed an application (CA 482/2019) under Section 33(2) and Section 60(5) of the IBC Code, seeking liquidation of the Corporate Debtor. The Committee of Creditors (COC), consisting solely of Indian Overseas Bank, passed a resolution to direct the RP to file the liquidation application. No resolution plan was received during the Corporate Insolvency Resolution Process (CIRP). The RP's name was proposed as the liquidator, and his consent was annexed. The absence of a resolution plan is a key fact, leading to the natural progression of the CIRP towards liquidation. The COC's decision to liquidate is also a crucial fact influencing the court's decision.