MGM Healthcare Chairman MK Rajagopalan and Resolution Professional Radhakrishnan Dharmarajan have moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) Chennai order of allowing the appeal of Appu Hotels Ltd and setting aside the Resolution Plan.

A bench consisting of Justice Dinesh Maheswari and Justice Vikram Nath after hearing the arguments on both sides reserved the judgment on Wednesday. In December, the NCLAT reserved judgment on appeals filed against the nod given for Rajagopalan’s ₹423 crore bid in his capacity 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 Rajagopalan’s bid under the Insolvency and Bankruptcy process. However, Palani G Periasamy (promoter and erstwhile director), Appu Hotels and other related parties moved appeals before the NCLAT against the NCLT order.

“We have heard Abhishek Manu Singhvi, learned senior counsel in rejoinder on behalf of the appellant (Rajagopalan). We have also heard further submissions by learned senior counsel Jaideep Gupta and Rakesh Dwivedi; and learned counsel Haripriya Padmanabhan and Goutham Shivshankar. Arguments concluded. Judgment reserved,” the order said.

Further meeting

Counsel for the respective parties may file the notes/additional notes on their submission latest by March 22. It has been informed during submissions that a meeting of the Committee of Creditors (CoC) pursuant to the impugned order of the NCLAT had taken place on March 3 and further meeting is slated for March 21.

“In the totality of the circumstances, it is considered appropriate and hence provided that the meetings/proceedings of the CoC may continue but the entire process shall remain subject to the final orders to be passed in these appeals,” the order said.

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