The disappearance of the guanosine triphosphate (GTP)-tubulin cap is widely believed to be the forerunner event for the growth-shrinkage transition ('catastrophe') in microtubule filaments in eukaryotic cells. We study a discrete version of a stochastic model of the GTP cap dynamics, originally proposed by Flyvbjerg, Holy andLeibler (Flyvbjerg, Holy and Leibler, Phys. Rev. Lett. 73, 2372, 1994). Our model includes both spontaneous and vectorial hydrolysis, as well as dissociation of a non-hydrolyzed dimer from the filament after incorporation. In the first part of the paper, we apply this model to a single protofilament of a microtubule. A catastrophe transition is defined for each protofilament, similar to the earlier one-dimensional models, the frequency of occurrence of which is then calculated under various conditions, but without explicit assumption of steady state conditions. Using a perturbative approach, we show that the leading asymptotic behavior of the prot ofilament catastrophe in the limit of large growth velocities is remarkably similar across different models. In the second part of the paper, we extend our analysis to the entire filament by making a conjecture that a minimum number of such transitions are required to occur for the onset of microtubule catastrophe. The frequency of microtubule catastrophe is then determined using numerical simulations, and compared with analytical/semi-analytical estimates made under steady state/quasi-steady state assumptions respectively for the protofilament dynamics. A few relevant experimental results are analyzed in detail, and compared with predictions from the model. Our results indicate that loss of GTP cap in 2-3 protofilaments is necessary to trigger catastrophe in a microtubule.