The National Company Law Tribunal (NCLT), has ordered the liquidation of M/s Tulip Hotels Private Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The decision comes after the failure of the Corporate Insolvency Resolution Process (CIRP) to yield a resolution plan within the prescribed timeline.
The CIRP for Tulip Hotels began on May 16, 2023, after a petition filed by J.C. Flowers Asset Reconstruction Private Limited (JCFARPL), the Financial Creditor, was admitted. Mr. Gaurav Ashok Adukia was initially appointed as the Interim Resolution Professional (IRP), later replaced by Ms. Padma Ganesh following an order on July 17, 2023.
Despite efforts by the Resolution…
