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NCLT clears Rs.423-Cr resolution plan for Appu Hotels

Business Line  

The National Company Law Tribunal, Chennai, has approved the Resolution Plan submitted by MK Rajagopalan, Chairman and Managing Director of MGM Healthcare Group, on the Insolvency and Bankruptcy case of Appu Hotels Ltd, which operates Le Meridien Chennai, Coimbatore and the Riverside Spa and Resorts. The list of financial and operational creditors were listed as on December 14, 2020 and fair value was at INR 730.88 crore and liquidation value at INR 569.33 crore. The Interim Resolution Professional (Mukesh Kumar Gupta) received Resolution Plans from Madhav Dhir; MK Rajagopalan and Kotak Special Situations. Subsequently, Rajagopalan provided a detailed plan with a total consideration of the Resolution Plan being INR 423 crore.