Chennai’s Le Meridien hotel has a new owner after NCLT order

The notable Le Meridien inn at Guindy in Chennai is set to change hands. The Chennai part of the National Company Law Tribunal (NCLT) cleared a proposition by MK Rajagopalan, Managing Director of MGM Healthcare, to take over Appu Hotels, which runs the inn.

Appu Hotels possesses and works Le Meridien in Chennai and Coimbatore.

The Rs 423-crore bid to take over Appu Hotels was endorsed by NCLT and it gave its decision in a bankruptcy appeal recorded against the neighborliness organization by Tourism Finance Corporation of India Limited (TFCIL).india

The request was recorded last year.

Moneycontrol has investigated a duplicate of the NCLAT request.

The board of leasers (CoC), which other than TFCIL had State Bank of India, Indian Bank, and IDBI, among others, had prior endorsed the goal plan put together by Rajagopalan. The CoC got the proposition with 87.39% democratic in favor free from it. The CoC cleared Rajagopalan’s proposition in January this year.

The goal plan imagined by Rajagopalan accommodated an imbuement of Rs. 423 crore into the inn. He likewise proposed to satisfy 100% obligations of got and unstable monetary loan bosses. According to conceded claims, the levy of got monetary leasers was Rs 340.43 crore and that of unstable monetary banks Rs 49.13 crore, individually.

Nonetheless, Rajagopalan’s arrangement doesn’t propose to satisfy obligations of the unstable monetary lenders and functional banks which are connected gatherings to the past advertiser of Appu Hotels. The conceded cases of related unstable monetary loan bosses was Rs 45 crore and that of related functional leasers was Rs 2.37 crore.

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