NCLT Orders Liquidation as no acceptable Resolution Plan emerge

The NCLT Jaipur Bench ordered liquidation of Ishh Raj Silicon Private Limited after the Corporate Insolvency Resolution Process failed to produce an acceptable resolution plan. Despite extensions, revised commercial offers and opportunities for further expressions of interest, no viable plan was available for approval. The Tribunal held that the Committee of Creditors’ decision was supported by the requisite voting share and statutory requirements, and directed liquidation under Section 33(2) of the Code. However, the proposed appointment of the existing Resolution Professional as Liquidator was rejected because of the statutory bar under the amended Section 34(4).