MGM Healthcare’s bid to take over Appu Hotels Ltd. stayed
The Hindu
The National Company Law Appellate Tribunal has stayed the implementation of an order approving the takeover
The National Company Law Appellate Tribunal (NCLAT), Chennai has stayed the implementation of an order approving MGM Healthcare managing director M.K. Rajagopalan’s ₹423 crore bid to take over Appu Hotels Limited. Appu Hotels owns and operates Le Meridien in Chennai and Coimbatore. The National Company Law Tribunal (NCLT), Chennai had approved of the bid. Against this, Periasamy Palani Gounder, promoter & erstwhile director, Appu Hotels, moved the NCLAT. In his petition, he alleged that the whole ‘Resolution Process’ was vitiated by numerous statutory violations of the provisions of the Insolvency and Bankruptcy Code. The resolution professional, Radhakrishnan Dharmarajan, and Rajagopalan were named as respondents.
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