NCLT clears ₹423-crore bid to take over Appu Hotels
The Hindu
MGM Healthcare MD’s plan seeks to pay 100% dues of secured and unsecured creditors
The National Company Law Tribunal (NCLT), Chennai, has approved 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. In 2020, the NCLT had admitted an insolvency petition against Appu Hotels in a case filed by the Tourism Finance Corporation of India Limited. The plan proposes to pay 100% dues of secured and unsecured financial creditors. As per admitted claims, the dues of secured financial creditors was ₹340.43 crore and that of unsecured financial creditors was ₹49.13 crore.
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