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Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. Photo: Wikipedia
The National Company Law Appellate Tribunal (NCLAT) 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.
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.
The order was challenged before appellate body NCLAT, which upheld the earlier order by NC…
Read the full article at: https://www.business-standard.com/companies/news/nclat-upholds-insolvency-case-on-tulip-hotels-over-default-of-guarantees-124041000731_1.html