Question

When can liquidation process of the corporate debtor be

Q: Answer-When can liquidation process of the corporate debtor be initiated as per section 33 of IBC?

IBC Section 33-Initiation of liquidation- 1 Where the Adjudicating Authority a before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section 6 of section 30 or b rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shalli pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter ii issue a public announcement stating that the corporate debtor is in liquidation and iii require such order to be sent to the authority with which the corporate debtor is registered.

initiated as per section 33 of IBC?

A If Adjudicating Authority does not receive the resolution plan before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the CIRP

B If Adjudicating Authority does not receive the resolution plan after the expiry of the insolvency resolution process period and the maximum period permitted for completion of the CIRP

C Rejection of the resolution plan by the Adjudicating Authority under section 31 for the non-compliance of the requirements specified therein

D Both (a) & (c)

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