On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it. Last Updated : 19 January 2025, 13:00 IST Read the original article here
Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether. Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by…
Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether. Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by…
A builder who used company funds to pay for his high-performance car and stole almost £90,000 in plant machinery has been given a suspended sentence. Vasile Hrusca withdrew more than £67,000 from his own failing company in 2019 to pay off the remaining balance on a hire purchase agreement for an Audi RS6 which he…
Despite the drop year on year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis. The figures also revealed that compulsory liquidations – where courts order firms to stop trading because they cannot pay their debts – jumped 14% to…
Tulip Hotels is heading towards liquidation after the National Company Law Tribunal (NCLT) directed this course of action. The decision follows the failure to secure any bidders during the insolvency resolution procedure. Yes Bank’s plea highlighted that two corporate guarantees worth Rs 900 crore, provided by Tulip Hotels for loans to Cox & Kings…
The tribunal held that an appeal under section 61 of the IBC cannot be entertained after the dissolution of the corporate debtor under section 54 of the IB code In a recent ruling, the New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has held that an appeal under section 61 of the…
The Tribunal held that the CoC, in its commercial wisdom, had not accepted the resolution plan and had directed the liquidation of the Corporate Debtor The National Company Law Appellate Tribunal ( NCLAT ) New Delhi has held that the commercial wisdom of the Committee of Creditors ( CoC ) in rejecting a resolution plan…