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The Hindu
The Hindu
National
Sanjay Vijayakumar

SC upholds NCLAT verdict setting aside M.K. Rajagopalan’s bid for Appu Hotels

NCLAT the Supreme Court Le Meridien MGM Healthcare National Company Law Appellate Tribunal Chennai Coimbatore

The Supreme Court on Wednesday 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, which owns and operates Le Meridien in Chennai and Coimbatore.

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

Later, it approved Mr. Rajagopalan’s bid to take over Appu Hotels. Based on an appeal filed by Periasamy Palani Gounder (promoter and erstwhile director) of Appu Hotels Ltd, NCLAT had set aside the nod given for the plan.

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