Appu Hotels gets a Rs 420-cr lifeline

Mumbai: An entity owned by Thyrocare’s outdated school promoter, A Velumani, has supplied a ₹420 crore debt facility to Appu Hotels, which operates the five well-known particular person properties Resort Le Royal Meridien in Chennai and Le Meridien in Coimbatore, stated folks responsive to the construction.Velumani, who had supplied his stake in Thyrocare in 2021, supplied the loan to Appu Hotels for a time duration of two years at a reduction of 17%, the people cited earlier urged ET. The loan was given by iHeart Properties, a company owned by Velumani.

Appu Hotels’ promoter, Palani Periaswamy, raised the ₹420 crore debt to get control of the five well-known particular person properties from lenders under the Insolvency and Monetary Disaster Code.

The loan will likely be frail to select out on ₹340-crore price of claims of secured creditors and ₹49-crore price of claims of unsecured creditors of Appu Hotels, which is present process a company decision process.

On December 21, the Nationwide Firm Legislation Tribunal (NCLT) had current a ₹595-crore settlement concept given by Periaswamy since all lenders to Appu Hotels had unanimously current it. It rejected the ₹423-crore decision concept of MK Rajagopal, the founding father of MGM Healthcare.

Periaswamy, the winning bidder, settled the loan with the lenders within two days of NCLT saying the pronounce, and one of the lenders urged ET.