Markarian 501 is a high-peaked BL Lacertae object and has undergone many major outbursts since its discovery in 1996. As a part of the multiwavelength campaign, in the year 2009 this blazar was observed for 4.5 months from March 9 to August 1 and during the period April 17 to May 5 it was observed by both space and ground based observatories covering the entire electromagnetic spectrum. A very strong high energy γ -ray flare was observed on May 1 by Whipple telescope in the energy range 317 GeV to 5 TeV and the flux was about 10 times higher than the average baseline flux. Previously during 1997 Markarian 501 had undergone another long outburst, which was observed by HEGRA telescopes and the energy spectrum was well beyond 10 TeV. The photohadronic model complemented by the extragalactic background radiation (EBL) correction fits well with the flares data observed by both Whipple and HEGRA. Our model predicts a steeper slope of the energy spectrum beyond 10 TeV, which is compatible with the improved analysis of the HEGRA data.