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

NCLT has ordered liquidation of Tulip Hotels after its insolvency resolution process failed to attract any bidders within the required 180-day timeline. Tulip Hotels owed Rs 900 crore to Yes Bank, which filed a plea for insolvency. The Committee of Creditors approved liquidation after rejecting an extension.

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