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What happens if no resolution plan is approved by the CoC within the maximum time frame permitted under the IBC?

Q: Answer-What happens if no resolution plan is approved by the CoC within the maximum time frame permitted un...

If no good resolution plan is found or approved within the strict time limits, the company goes into liquidation, meaning all its assets are sold to distribute money under Section 53.

A The company is handed back to its original promoters with a clean slate

B The company automatically goes into liquidation under Section 53

C The management is permanently handed over to the Reserve Bank of India

D All debts are automatically declared null and void by the NCLT

E The central government forcefully takes over the business operations

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What happens if no resolution plan is approved by the CoC within the maximum time frame permitted under the IBC?

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