On 7 October, the National Company Law Tribunal said it would hear an insolvency resolution case moved by Yes Bank Ltd against Tulip Star Hotels Pvt. Ltd in the bankruptcy court.
Yesterday, Nausher Kohli told the tribunal that Yes Bank had filed an insolvency petition claiming an outstanding debt of Rs 1,002 crore from Tulip Star based on corporate guarantees executed by Tulip Star on behalf of the principal borrowers named Ezeego One Travels and Cox and Kings Ltd. Also, Kohli requested the matter be heard, but counsel for Tulip Star sought some time from the tribunal to argue the matter. In Mumbai, V Hotel Ltd, suited in Prime Hotel, Juhu has a holding In Tulip Star of stake 50 per cent.
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Yes Bank had bought a 20.6 per cent stake in Tulip Star by invoking 949,930 equity shares of the company. The online travel agency that pledged in the Tulip Star share and the bank exercised its right after Ezeego. Ezeego is a part of debt-ridden Cox and Kings.
On 9 March 2021, in a plea brought by its lenders, Ezeego was allowed to be part of the insolvency resolution process. The travel firm owes its lenders over Rs 1,078 crore. The petition of insolvency of Yes Bank was filed with NCLT. Last year, the tribunal allowed the petition and appointed Gaurav Adukia as the resolution professional.
