The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of the once-iconic Tulip Hotels after the creditors of the company failed to receive any viable resolution plan. The tribunal also appointed Krishna Gopal Ratanlal Maheshwari as the liquidator.
“The liquidator shall endeavour to sell the company as a going concern during the liquidation in terms of Regulation 32A of the liquidation process regulations,” said the tribunal, presided over by judicial member Kishore Vemulappalli and technical member Anu Jagmohan Singh, in its order of January 16.
Before the tribunal’s order, counsel Nausheer Kohli, appearing for the company’s resolution professional (RP) informed the tribunal that since no resolution plan had…
