The phenomenon of hydrodynamic crisis (locking) of a two-phase flow is investigated. A model of a disperse annular flow with an effective monodisperse nucleus is used for describing the motion of a mixture under near-critical conditions. Main differential equations of a flow in a channel are given; in particular, the differential laws of variation of the effective diameters of drops in the nucleus as a result of mass exchange between the mixture components are singled out. Questions of concretization of the model are discussed. The conditions for the attainment of the maximum rate of flow of the gas through the channel are studied, as well as the effect of the flow prehistory on the formation of critical conditions in the outlet cross-section.