NCLT clears ₹423-crore bid to take over Appu Hotels
The Hindu
MGM Healthcare MD’s plan seeks to pay 100% dues of secured and unsecured creditors
The National Company Law Tribunal (NCLT), Chennai, has approved MGM Healthcare managing director M.K. Rajagopalan’s ₹423-crore bid to take over Appu Hotels Limited. Appu Hotels owns and operates Le Meridien in Chennai and Coimbatore. In 2020, the NCLT had admitted an insolvency petition against Appu Hotels in a case filed by the Tourism Finance Corporation of India Limited. The plan proposes to pay 100% dues of secured and unsecured financial creditors. As per admitted claims, the dues of secured financial creditors was ₹340.43 crore and that of unsecured financial creditors was ₹49.13 crore.The election authorities are gearing up for the counting of votes cast in the simultaneous elections to Lok Sabha and Assembly seats in Andhra Pradesh, scheduled to be held on June 4. The Collectors and Election Officers of Visakhapatnam, Anakapalli and Alluri Sitharama Raju (ASR) districts said on May 23 (Thursday) that their teams were ready for the counting of votes.
Responding to the prolonged water scarcity, the residents of the area took to the streets in protest on Wednesday. The protest, which drew attention to their plight, stopped only after the intervention of the police. It was not until 1.30 p.m. that a 4000-litre tanker was finally delivered by BWSSB, providing relief to the water-starved residents.