On May 16, 2023, the Mumbai bench of National Company Law Tribunal (NCLT) had directed 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.
On May 16, 2023, the Mumbai bench of National Company Law Tribunal (NCLT) had directed 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.
National Company Law Appellate Tribunal has upheld the insolvency proceedings against Tulip Hotels, which had defaulted on Rs 450 crore corporate guarantees given for Cox & Kings and EzeeGo One Travel & Tours each
The National Company Law Appellate Tribunal (NCLAT) upheld insolvency proceedings against Tulip Hotels for defaulting on Rs 450 crore corporate guarantees given for Cox & Kings and EzeeGo One Travel & Tours. Yes Bank initiated the process over a plea for Rs 900 crore default.