In the matter of Tulip Hotels Private Limited Cp (Ib) No. 05-MB-IV-2020
Case brief
What is this about?
In a Section 7 petition, the Tribunal examined allegations of defective execution, forgery, and limitation by the guarantor against the Financial Creditor. Addressing these contentions, the Adjudicating Authority admitted the petition for CIRP.
What did the court decide?
Petition admitted for initiation of CIRP; moratorium declared; Mr. Gaurav Adukia appointed as Interim Resolution Professional.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH-IV
CP (IB) No. 05/MB-IV/2020
Under Section 7 of the I&B Code, 2016
In the matter of: J C Flowers Asset Reconstructions Pvt. Ltd . [CIN: U74999MH2015PTC264081]
…Financial Creditor/Applicant
V/s
M/s Tulip Hotels Private Limited [CIN: U55101MH1997PTC110750]
...Corporate Debtor/Respondent
Order Dated: 16.05.2023
Coram: Mr. Prabhat Kumar Mr. Kishore Vemulapalli Hon’ble Member (Technical) Hon’ble Member (Judicial)
Appearances (via videoconferencing):
Issues for consideration
2 issues framed by the court
Whether the Debt and Default by the Corporate Debtor as a guarantor satisfies the requirements under Section 7 of the I&B Code for initiating CIRP.
Whether the defects in the execution of the Guarantee Deed, including alleged forgery of signatures and procedural irregularities in Board meetings, vitiate the debt and default.
Parties & counsel
- applicant
M/s J C Flowers Asset Reconstructions Pvt. Ltd
- respondent
M/s Tulip Hotels Private Limited
Coram
Prabhat Kumar
Case details
As recorded by the court registry
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