Picture used for representational purpose only
CHENNAI: M K Rajagopalan, chairman and managing director of MGM Healthcare Private Limited (MHPL), has acquired Appu Hotels Limited which owns five star hotels under the brand Le Meridien in Chennai and Coimbatore for Rs 423 crore.
The development comes after the NCLT Chennai’s Division Bench – I overruled the objections raised by original promoters led by Palani G Periasamy on valuation of the properties and passed a final order on Friday, July 15, 2021.
The bench also dismissed a petition filed by the promoters under Section 12A of the IBC which permits the adjudicating authority to allow withdrawal of application with 90% voting approval by creditors. MGM is likely to convert Le Meridien hotel located in Guindy into a healthcare facility and may retain the Coimbatore property as a hotel.
NCLT clears ₹423-cr resolution plan for Appu Hotels - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.