State the situations under which the Adjudicating Authority can order liquidation of a corporate person in terms of Insolvency & Bankruptcy Code, 2016 (IBC)

The Adjudicating Authority, in exercise of powers may order for liquidation of the Corporate Debtor. However, keeping in view liquidation is the last resort because revival is the priority for the economy. Section 33 of the Insolvency and Bankruptcy Code, 2016 provides that the Adjudicating Authority shall pass an order requiring the corporate debtor to be liquidated if: No resolution plan is received under section 30(6) 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; the resolution plan under section 31 is rejected by the Adjudicating Authority for non-compliance of the requirements specified therein; 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; Where the resolution plan approved by the Adjudicating Authority under section 31 or under sub-section (1) of section 54L, is contravened by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, makes an application to the Adjudicating Authority for a liquidation order and such a contravention is determined by the Adjudicating Authority.