Ex-McDonalds India head Vikram Bakshi barred from leaving the country

During last hearing, NCLAT had given Bakshi the last chance to settle the dues with HUDCO, which is claiming Rs 194 crore in dues.

Published: 19th September 2019 12:51 AM  |   Last Updated: 19th September 2019 10:07 AM   |  A+A-

Former McDonald’s India head Vikram Bakshi

Former McDonald’s India head Vikram Bakshi

By Express News Service

NEW DELHI: Just when former McDonald’s India head Vikram Bakshi thought he has peacefully solved his long-pending legal tussle with the company, fresh trouble has brewed for him. The National Company Law Appellate Tribunal (NCLAT) on Wednesday barred him from leaving the country without informing it or the Debt Recovery Tribunal (DRT).

“We find that parties (Bakshi and McDonald’s) have reached agreement, which is prima facie against the interim order of DRT. We are of the view that parties should not implement such agreement or leave the country without intimating DRT or this tribunal,” the two-member NCLAT bench headed by chairperson Justice S J Mukhopadhaya said.

The appellate tribunal was hearing Housing and Development Corporation (HUDCO)’s plea that the out-of-court settlement between McDonald’s India and Bakshi’s Connaught Plaza Restaurants Pvt Ltd (CPRL) has been done in contravention to DRT’s orders.

During the last hearing, the NCLAT had given Bakshi final chance to settle the issue with HUDCO, which claims Rs 194 crore in dues. HUDCO wants those dues to be cleared from the money that Bakshi got from his deal with McDonald’s.

On May 9, Bakshi and McDonald’s India announced a settlement wherein the latter bout over 50 per cent shares held by Bakshi and his wife in CPRL for an undisclosed amount. The NCLAT said it will review the settlement.

The appellate tribunal has also said that the deal will not be granted effect until further orders and that it would examine if the deal was done in accordance with the laws.

Stay up to date on all the latest Business news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp