Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

NCLAT Orders Review of McDonald's-Vikram Bakshi Settlement over Violation of Debt Recovery Tribunal Order

A two-member NCLAT bench headed by Chairperson Justice SJ Mukhopadhaya also asked Bakshi not to leave the country without its permission.


Updated:September 18, 2019, 5:39 PM IST
NCLAT Orders Review of McDonald's-Vikram Bakshi Settlement over Violation of Debt Recovery Tribunal Order
Image for Representation

New Delhi: The NCLAT on Wednesday said it will review the settlement between food major McDonald's and its estranged Indian partner Vikram Bakshi over sale of his shares in Connaught Plaza Restaurants Ltd.

The appellate tribunal said the settlement reached between McDonald's and Vikram Bakshi was "prima facie" violation of Debt Recovery Tribunal order and it "would not given effect to".

A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya also asked Bakshi not to leave the country without its permission.

"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 nor leave the country without intimating DRT or this Tribunal," said the NCLAT.

During last hearing, the National Company Law Appellate Tribunal (NCLAT) had given Bakshi last and final chance to settle the issue with HUDCO, which is claiming Rs 194 crore in dues. The NCLAT had allowed the intervention application filed by HUDCO earlier opposing the deal.

CPRL, which is now wholly owned by McDonald's, after its estranged partner Vikram Bakshi transferred his share in the JV to the US-based firm, had temporarily shut down its 160 stores. CPRL had on May 20 said that it has re-opened 13 restaurants in Delhi NCR.

On May 6, estranged partners McDonald's and Bakshi had informed the NCLAT that they were working towards an out-of-court settlement to end their dispute.

On May 9, they announced an out-of-court settlement with the fast food chain agreeing to buy Bakshi from their joint venture that operated outlets of the US firm in north and east India. The details of the pact, including financial terms, were not disclosed.

Following that both Bakshi and McDonald's had approached the NCLAT to withdraw cases filed against each other and it was opposed by HUDCO.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

Most Active
Company Price Change %Gain
IRCTC 727.75 127.42
Infosys 786.10 -3.52
Yes Bank 40.10 1.26
Tata Motors 127.85 5.40
Indiabulls Hsg 197.80 -5.76
Company Price Change %Gain
Fortis Health 130.55 -5.36
IRCTC 728.60 127.69
Indiabulls Hsg 197.90 -5.74
Yes Bank 40.00 1.01
Tata Motors 127.80 5.32
Top Gainers
Company Price Change %Gain
Tata Motors 127.85 5.40
ONGC 135.25 4.84
Bharti Airtel 393.55 2.78
UltraTechCement 4,170.30 2.28
IndusInd Bank 1,250.60 2.24
Company Price Change %Gain
Tata Motors 127.80 5.32
ONGC 135.20 4.73
Bharti Airtel 392.65 2.61
IndusInd Bank 1,250.50 2.23
Sun Pharma 394.60 2.15
Top Losers
Company Price Change %Gain
Infosys 786.10 -3.52
Bajaj Finance 3,883.30 -2.26
Power Grid Corp 198.40 -1.29
Bajaj Finserv 8,082.25 -1.07
UPL 586.65 -0.54
Company Price Change %Gain
Infosys 785.65 -3.68
Bajaj Finance 3,881.65 -2.37
Power Grid Corp 198.80 -1.09
Larsen 1,422.65 -0.34
Kotak Mahindra 1,583.75 -0.27

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results