St Thomas Mount to get Super Specialty Hospital
MGM buys Le Royal Meridien, hotel may be made into hospital
Call it hospitality paving the way for hospital. With the National Company Law Tribunal (NCLT), Chennai, giving its nod to MGM Healthcare managing director M K Rajagopalan’s Rs 423-crore bid to take over Appu Hotels Limited, it is said that the group's Hotel Le Royal Meridien in Chennai's Guindy would be turned into a hospital. This is a good news for those living in areas like Guindy, Saidapet, Alandur, Adambakkam, Nanganallur and Velachery, for they need not go far away to get state-of-the-art treatment.
MGM Group is known for running a swanky hospital at Choolaimedu in the heart of the city and it is said that it would convert Hotel Le Royal Meridien into a multi super-specialty hospital. Rajagopalan is chairman of Sri Balaji Educational and Charitable Public Trust and Sri Balaji Vidyapeeth Trust, which runs the Mahatma Gandhi Medical College and Research Centre (MGMCRI) and Sri Sathya Sai Medical College.
Meanwhile, Palani G Periyasamy, the head of Le Meridien group, has opposed NLCT's decision. He said that the group had raised objections to the properties being evaluated so low. He said that the properties were valued at Rs 1,600 crore. According to Appu group, the valuation of the properties was much lower than another valuation done in September 2019.
Tourism Finance Corporation of India initiated Corporate Insolvency Resolution Process (CIRP) under Section 7 of IBC, 2016, against Appu Hotels for pending debts. It is reported that the National Company Law Tribunal (NCLT), Chennai order allows Appu Hotels to appeal.
Following the news reports, M K Rajagopalan, Chairman MGM Healthcare has said the Resolution Plan was submitted in his individual capacity for the resolution of Appu Hotels Ltd,, which was approved by the Adjudicating Authority, NCLT, Chennai