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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
With no revival plan in place, NCLT orders liquidation of Tulip Hotels
National Company Law Tribunal has ordered the liquidation of the once-iconic Tulip Hotels after the creditors of the company failed to receive any viable resolution plan. The tribunal also appointed Krishna Gopal Ratanlal Maheshwari as the liquidator.
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«The liquidator shall endeavour to sell the company as a going concern during the liquidation in terms of Regulation 32A of the liquidation process regulations,» said the tribunal, presided over by judicial member Kishore Vemulappalli and technical member Anu Jagmohan Singh, in its order of January 16.
Before the tribunal's order, counsel Nausheer Kohli, appearing for the company's resolution professional (RP) informed the tribunal that since no resolution plan had been submitted, the applicant (RP) was left with no other option except for liquidation.
Originally, in March 2023, the company was admitted under the corporate insolvency resolution process (CIRP) in a matter related to a default of Rs 900 crore. The loan was originally disbursed by Yes Bank and subsequently, it was assigned to JC Flowers ARC.
The hospitality company had defaulted on payments under two guarantees in its capacity as a guarantor for repayment of two loans worth Rs 450 crore disbursed by the lender to Cox and Kings and Ezeego One Travel & Tours
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21.05 / 10:17
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Art
Booking
wellness
film
How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
markets
UPS
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NVIDIA
SpaceX
Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
Digital
CEO
War
Omnicom
RK Swamy bets on integrated advertising model as global agency giants split media and creative
Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
21.05 / 09:47
markets
IPO
Racing
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SpaceX
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21.05 / 09:47
markets
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trends
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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Secured credit cards: Unlocking credit and building a credit score for millions
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Provident
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
21.05 / 08:45
UPS
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Mobile
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