Companies

NCLAT: Vikram Bakshi withdraws plea for permission to travel abroad

Meenakshi Verma Ambwani New Delhi | Updated on October 25, 2019 Published on October 25, 2019

Vikram Bakshi

Former joint venture partner of American burger chain McDonald’s, Vikram Bakshi on Friday withdrew his application seeking permission to travel abroad, which was filed before National Company Law Appellate Tribunal (NCLAT).

On October 23, NCLAT had asked Vikram Bakshi and his wife Madhurima Bakshi to deposit Rs 5 crore each by Thursday before flying abroad.

On Friday, a two-member bench headed by Chairperson Justice S J Mukhopadhaya was informed by Bakshi’s counsel that he has decided to withdraw his application to travel abroad.

However the counsel sought permission from the Tribunal to allow Madhurima Bakshi to travel abroad. The NCLAT bench decided to allow her to travel abroad from November 2-8 directing her to return by November 9.

In September, NCLAT had barred Bakshi from travelling abroad and asked him and McDonald’s India to refrain from implementing their out-of-court settlement until further orders. It had observed that the settlement between McDonald’s and Bakshi is “prima facie” in violation of the interim order of Debt Recovery Tribunal and decided to review the settlement. The case is next slated for hearing on November 9.

Following a bitter legal feud, Bakshi and McDonald’s had earlier this year informed NCLAT that they had reached an out-of-court settlement, under which the latter acquired the former’s 50 per cent stake in their joint venture, Connaught Plaza Restaurants Pvt Ltd (CPRL), which runs outlets in the North and the East. The two parties are seeking acceptance of the terms of this settlement and vacation of previous orders by NCLAT.

However, in May, state-owned Housing and Urban Development Corporation filed an intervention petition opposing the settlement between the two parties. It is seeking dues of about Rs 195 crore from Bakshi in relation to a loan granted to his hospitality venture Ascot Hotels. It also stated that an order by Debt Recovery Tribunal prevents Bakshi from transferring his shares in CPRL

Published on October 25, 2019
This article is closed for comments.
Please Email the Editor