SC upholds insolvency proceedings against Tulip Hotels amid forgery claims

The Supreme Court has upheld the National Company Law Tribunal's (NCLT) decision to initiate insolvency proceedings against Tulip Hotels Pvt Ltd. The court rejected an appeal from Tulip Hotels' suspended board, which contested the insolvency order issued on May 16, 2023, following a petition by YES Bank over a ₹900 crore default linked to corporate guarantees.