(1) Where the Adjudicating Authority,—
- does not receive a resolution plan under sub-section (6) of section 30 within 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; or
- rejects the resolution plan under section 31 for non-compliance with the requirements specified therein,
it shall—
- pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter;
- issue a public notice of the order of liquidation of the corporate debtor and the process of liquidation as may be specified; and
- require such order to be sent to the authority with which the corporate debtor is registered.
(2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors approved by not less than sixty-six per cent. of the voting share, to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1).
(3) Where the resolution plan approved by the Adjudicating Authority is contravened by the concerned corporate debtor and if any person whose interests are prejudicially affected by such contravention, makes an application to the Adjudicating Authority, the Adjudicating Authority may pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1).
(4) No appeal shall lie against the order of the Adjudicating Authority under sub-section (3).
(5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor:
Provided that a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority.