The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the liquidation of Tulip Hotels Pvt. Ltd., marking the latest development in the company’s insolvency process. The order came after the Corporate Insolvency Resolution Process (CIRP) failed to produce a resolution plan within the stipulated timeframe.
Resolution Professional Gaurav Ashok Adukia sought liquidation under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), citing an absence of viable resolution proposals. Despite deliberations, the Committee of Creditors (CoC) could not reach a consensus to extend the CIRP. JC Flowers, a key stakeholder with 70.83% voting rights, supported liquidation.
The insolvency application against Tulip…
