Velumani, who had sold his stake in Thyrocare in 2021, provided the loan to Appu Hotels for a term of two years at a coupon of 17%, the people cited earlier told ET. The loan was given by iHeart Properties, a company owned by Velumani.
The National Company Law Tribunal (NCLT) has approved a Rs 595 crore settlement offer from Appu Hotels promoter, facilitating a rare instance where lenders will recover their entire dues. The settlement includes Rs 98 crore for equity holders. The tribunal directed the resolution professional to hand over the company to the existing management.
Le Royal Meridien: This is a rare instance wherein lenders will recover their entire dues. In most resolutions under the Insolvency and Bankruptcy Code (IBC), lenders have recovered less than 30% of dues on average.
Appu Hotels wins the case, NCLT passes an order in favour of original promoters thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.