NCLAT gives Bakshi 4 weeks to settle dispute with Hudco

first_imgNew Delhi: The National Company Law Appellate Tribunal (NCLAT) on Tuesday gave four weeks’ time to Vikram Bakshi to settle his dispute with state owned-HUDCO which is claiming dues of Rs 195 crore from the McDonald’s estranged partner. A two member bench of the appellate tribunal headed by Chairman Justice S J Mukhopadhaya said this would be the “last chance” to Bakshi to settle the dispute with Housing and Urban Development Corporation (HUDCO). Also Read – SC declines Oil Min request to stay sharing of documents”We allow four weeks time to Vikram Bakshi to settle the matter with HUDCO,” said the NCLAT. The tribunal also directed Bakshi to file a report on the development by filing an affidavit in the matter before it. Earlier this month, fast-food chain McDonald’s and Bakshi had announced to reach an out-of-court settlement, buying out its partner’s stake in their JV Connaught Plaza Restaurants Pvt Ltd, which operates fast food chain in northern and eastern India. Both McDonald’s and Bakshi had moved to withdraw cases filed against each other before the NCLAT to settle their dispute, which was then opposed by HUDCO claiming dues of Rs 195 crore on Bakshi.last_img

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