SC upholds insolvency proceedings against Tulip Hotels
This story was originally published at 18:23 IST on 6 August 2024
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NEW DELHI – The Supreme Court has upheld admission of insolvency proceedings against Tulip Hotels Pvt Ltd and dismissed the petition by the suspended board of the debt-ridden company. It refused to interfere with the orders of the National Company Law Appellate Tribunal and the Mumbai bench of the National Company Law Tribunal.
The insolvency petition was filed by financial creditor YES Bank against Tulip Hotels. The company's debt of 9 bln rupees, claimed in default, was subsequently assigned to JC Flowers Asset Reconstructions Pvt Ltd, acting in its capacity as trustee of JCF YES Trust.
The financial creditor said Tulip Hotels defaulted on payment under two guarantees aggregating to 9 bln rupees. Tulip Hotels was a guarantor for loans disbursed by YES Bank to Cox & Kings Ltd and Ezeego One Travel & Tours Ltd. The petitioner, in the apex court, said that the appellate tribunal had erred to appreciate that there was overwhelming evidence of forgery surrounding the financial transactions on the basis of which insolvency of the company was started. End
Reported by Surya Tripathi
Edited by Akul Nishant Akhoury
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