The National Company Law Appellate Tribunal (NCLAT), Chennai, has reserved judgment on appeals filed against the nod given for MGM Healthcare managing director M. K. 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 the bid under the insolvency and bankruptcy process and against this Periasamy Palani Gounder (Promoter & Erstwhile Director) Appu Hotels Limited and other related parties moved appeals before NCLAT.
NCLAT had stayed the implementation of NCLT order. Post hearing the parties, it has now reserved its judgment, while allowing parties to make additional submissions, according to sources.
