Resolution Professional Can File Liquidation Application U/S 33 Of IBC If CIRP Period Expires Without Approved Resolution Plan: NCLAT

The NCLAT (National Company Law Appellate Tribunal) held that a Resolution Professional (RP) can file a liquidation application under Section 33 of the IBC if the Corporate Insolvency Resolution Process (CIRP) period expires without an approved resolution plan. This clarifies the RP's duty to initiate liquidation proceedings when all attempts at finding a viable resolution for the corporate debtor have failed within the statutory timelines.