NCLAT to check if Vikram Bakshi, McDonald’s settlement valid

Mumbai: The National company Law Appellate Tribunal (NCLAT) Wednesday admitted the intervention plea filed by state-owned HUDCO claiming dues of Rs 195 crore from Vikram Bakshi, the estranged India partner of US-based McDonald’s.

A two-member bench headed by Chairman Justice S J Mukhopadhaya accepted the intervention plea filed by the House Urban Development Corporation (HUDCO) and suggested the parties to settle the issue. “HUDCO intervention is accepted,” said the NCLAT.

The bench has listed the matter on May 27 for next hearing. Fast food chain McDonald’s has reached an out-of-court settlement with Bakshi, buying out Connaught Plaza Restaurants Ltd, which runs the restaurants chain of US-based fast food major in north and east India, from their joint venture.

HUDCO has filed an intervention application before the NCLAT, seeking its dues from Bakshi, before the deal with McDonald’s is over. During the proceedings, Solicitor General Tushar Mehta, representing HUDCO informed the appellate tribunal that a matter related dues of Rs 195 crore is going at Delhi-based DRT (Debt Recovery Tribunal).

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