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The Hindu

National

The Hindu Bureau

Appu Hotels out of insolvency process

NCLT Chennai Coimbatore

Appu Hotels Ltd., which owns and operates Le Meridien in Chennai and Coimbatore, is out of the Corporate Insolvency Resolution Process (CIRP) as the National Company Law Tribunal, on Wednesday, gave nod to promoter Palani G. Periasamy’s settlement proposal to the creditors.

In 2020, the National Company Law Tribunal (NCLT) in Chennai admitted an insolvency petition against Appu Hotels in a case filed by the Tourism Finance Corporation of India Ltd.

In May 2023, the Supreme Court upheld the National Company Law Appellate Tribunal (NCLAT) verdict, setting aside the approval given to MGM Healthcare managing director M.K. Rajagopalan for making a ₹423-crore bid to take over Appu Hotels Ltd. under the insolvency process.

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