NCLAT stays MGM takeover of Appu Hotels for Rs.423-Cr

The National Company Law Appellate Tribunal (NCLAT) has stayed the operation of the orders of the first bench of the National Company Law Tribunal (NCLT), upholding the sale process of the properties of Appu Hotels for INR 423 crore under the Insolvency and Bankruptcy Code. MGM Healthcare is said to be the successful purchaser of the properties that include the Le Meridien Hotels in Chennai and Coimbatore.