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NCLAT Said Vikram Bakshi and His Wife to Pay 5 Crore Each to go Abroad

NCLAT Said Vikram Bakshi and His Wife to Pay 5 Crore Each to go Abroad

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  24 Oct 2019 11:20 AM GMT

New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday said that erstwhile McDonald’s India partner Vikram Bakshi and his wife Madhurima Bakshi would have to submit Rs 5 crore each as a deposit to fly abroad. Bakshi had sought permission for foreign travel, to which the two-judge bench headed by Justice S.J. Mukhopadhaya said that they would have to deposit the amount by Thursday for the required permission. The bench reprimanded Bakshi’s counsel, saying if the former McDonald’s India head could violate the Debt Recovery Tribunal (DRT), he could also violate NCLAT’s directive. Last month, the appellate tribunal barred Bakshi from leaving the country without prior permission of the DRT, the DRAT, and the NCLAT unless HUDCO’s dues of around Rs 175 crore are cleared first.

The appellate tribunal had also said that it would review the settlement between fast food major McDonald’s and Bakshi, the Indian partner over the sale of his shares in Connaught Plaza Restaurants Ltd (CPRL). In May, McDonald’s India had acquired Connaught Plaza Restaurants Pvt Ltd (CPRL) as the firm completed a settlement reached with a former joint venture partner. However, before the deal could be given effect, state-run Hudco sought to be heard by the NCLAT, alleging that Bakshi owes it Rs 190 crore. (IANS)

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