NCLT directs liquidation of Tulip Hotels as it fails to get bidder

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NCLT directs liquidation of Tulip Hotels as it fails to get bidder - Business Standard

Quick Summary:

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.

However, the RP of Tulip Hotels submitted that during the prescribed timeline of 180 days, no bids (resolution plan) were submitted for Tulip Hotels during the Corporate Insolvency Resolution Process (CIRP) and the Committee of Creditor (CoC) has also passed no for extension of the period.

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.