Vikram Bakshi gets 'last chance' to settle matter with HUDCO

New Delhi: The National Company Law Appellate (NCLAT) on Thursday gave Vikram Bakshi, estranged Indian partner of McDonald's, a "last chance" to settle its dispute with state-run HUDCO, which is claiming Rs 195-crore dues from him. Bakshi has transferred his shares in Connaught Plaza Restaurants Pvt Ltd (CPRL), which operates McDonald's chain in north and east India, to the US-based fast food major and both are seeking to withdraw cases filed against each other before the NCLAT after entering into an out-of-court settlement.

However, the move was contested by the Housing and Urban Development Corporation (HUDCO). The NCLAT has also asked to cooperate with Bakshi and try to reach a final settlement.

A two-member NCLAT bench headed by chairperson Justice S J Mukhopadhaya also said that failing to which, the appellate tribunal would start hearing the appeals and pass an order. "By way of last chance, Vikram Bakshi is given opportunity to settle the matter with HUDCO, failing which the appeals may be heard on merit," said the NCLAT.

It further said: "It is desirable that HUDCO also takes step in their interest, to settle the matter with Bakshi, instead of prolonging the litigation before any forum." During the proceedings, the NCLAT chairman also suggested the parties to settle the matter and failing to which, he may pass an order directing the terms and condition for settlement.

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Free Press Journal