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.
R Sucharitha, Member (Judicial) and Anil Kumar, Member (Technical), NCLT, Chennai, passed the order on July 15 based on an application filed by Tourism Finance Corporation of India (financial creditor) on May 5, 2020, initiating the corporate insolvency resolution process in relation to Appu Hotels (debtor). The list of financial and operational creditors were listed as on December 14, 2020 and fair value was at 730.88 crores and liquidatio…
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