NCLT has ordered the liquidation of Tulip Hotels after the company failed to secure a bidder during its insolvency resolution process. The decision comes after the 180-day timeline for finding a resolution plan expired.
New Delhi, Jan 19 (PTI) NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline.
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.
Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox &…
