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) here, upholding the sale process of the properties of Appu Hotels for Rs 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.
NCLAT judicial member Justice M Venugopal and technical member V P Singh granted the stay on Friday while passing interim orders on the “company appeal” from Dr Periasamy Palani Gounder, promoter and erstwhile director of Appu Hotels Limited.
Originally, on an application from
, the corporate creditor, under Sec.7 of the Insolvency …
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