The National Company Law Appellate Tribunal, Chennai, (NCLAT) on Thursday allowed the appeal of Appu Hotels Ltd and set aside the Resolution Plan. No other details are available.
In December, the NCLAT reserved judgement on appeals filed against the nod given for MGM Healthcare Managing Director MK Rajagopalan’s ₹423 crore bid to take over Appu Hotels Limited, which owns and operates Le Meridien in Chennai and Coimbatore.
The National Company Law Tribunal (NCLT), Chennai, had approved Rajagopalan’s bid under the Insolvency and Bankruptcy process. However, Palani G Periasamy (promoter and erstwhile director), Appu Hotels and other related parties moved appeals before the NCLAT against the NCLT order.