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NCLAT sets aside nod for Rs.423-Cr Appu Hotels property sale in Chennai

Times of India  

In a reprieve to Appu Hotels, which owns Le Royal Meridien Hotels in Chennai and Coimbatore, the National Company Law Appellate Tribunal (NCLAT) has set aside the sale process of the hotels' properties for INR 423 crore under the Insolvency and Bankruptcy Code (IBC). MK Rajagopalan, chairman, MGM Healthcare, was the successful bidder in his personal capacity for the properties that include the two Le Royal Meridien Hotels, besides vacant land parcels near Chennai airport. Setting aside the nod for the sale by the National Company Law Tribunal (NCLT), the NCLAT granted opportunity to Palani G Periasamy, promoter of Appu Hotels, to submit a fresh proposal to corporate creditors.