NCLT says Liquidation Can Follow Expiry of CIRP Under Section 33(1)

Simon Shipping's CIRP expired without any resolution plan or EOI, and the CoC had resolved unanimously to liquidate the company. Although an earlier Section 33(2) application was dismissed because it was filed after CIRP expiry, NCLT held that the subsequent application under Section 33(1) was independently maintainable and ordered liquidation.