Despite time extensions, no resolution plan is approved in a CIRP and the prescribed period lapses. Under the IBC, 2016 the corporate debtor shall then, as a rule, be ordered into:

Section 33 of the IBC provides for LIQUIDATION of the corporate debtor where the CIRP fails - for example, where no resolution plan is approved by the Committee of Creditors within the prescribed period (including the extended timeline), or where the approved plan is not effectively implemented, or where the corporate debtor commits a default under the plan. On such order, the liquidator is appointed and the estate is distributed in the statutory order of priority (Section 53). Liquidation is the terminal consequence of a failed resolution, underscoring the Code's 'resolution or liquidation' discipline.