File affidavit on share sale receipts from McDonald’s, NCLAT tells Vikram Bakshi

A two-member NCLAT bench headed by chairman Justice S J Mukhopadhaya while hearing an intervention appeal by HUDCO on the settlement reached between Bakshi and McDonald’s, also asked Bakshi’s wife, Madhurima Bakshi, to disclose if she too has received any amount through the settlement.

The appellate tribunal has also asked Bakshi to furnish information about the “total decreed amount” sought to be recovered from him by the Debt Recovery Tribunal (DRT) along with the total amount paid by him in favour of state-run HUDCO, which is claiming over Rs 190 crore dues. “On the basis of the affidavit, we may decide, whether to allow the agreement and others with MIPL,” said NCLAT.

Bakshi and McDonald’s India (MIPL) had approached the NCLAT to withdraw cases filed against each other for management control of Connaught Plaza Restaurants (CPRL), which operates McDonald’s chain in North and East India, saying they had reached an out-of-court settlement.

However, Housing and Urban Development Corporation (HUDCO) had opposed their settlement saying Bakshi and his related entities owed dues of Rs 195 crore, which Debt Recovery Tribunal had also ordered Bakshi to pay. During the proceedings of NCLAT, senior advocate Amit Sibal appearing for Bakshi informed the appellate tribunal that Bakshi was willing a one-time settlement of around Rs 137 crore.

According to him, Bakshi has received a sum of around Rs 10 crore from the sale of his personal shares in CPRL and it has already been deposited before DRT.

Source:-https://retail.economictimes.indiatimes.com/news/food-entertainment/food-services/file-affidavit-on-share-sale-receipts-from-mcdonalds-nclat-tells-vikram-bakshi/70171584