A joint venture between McDonald's India and its former partner Vikram Bakshi has been settled by the NCLAT

Connaught Plaza Restaurants Limited (CPRL), a joint venture between McDonald's India and its former partner Vikram Bakshi, has been settled by the National Company Law Appellate Tribunal (NCLAT).

HUDCO's application to oppose the settlement was rejected by NCLAT's Chairperson Justice Ashok Bhushan and Dr. Alok Srivastava (Member Technical).

After Bakshi transferred his shares to McDonald's, CRPL is now 100% owned by the company.

As part of its intervention application, HUDCO claimed 195 crores in dues from Bakshi and demanded that McDonald's deposit payments owed to Bakshi with the Debts Recovery Tribunal (DRT).

McDonald's, HUDCO, and Bakshi were disputing the recovery of an amount of nearly INR 63 crore released by HUDCO to Bakshi's Ascot Hotels and Resorts in 2006.

The loan agreement included various other securities, including Bakshi's and Madhurima's guarantees for repayment.

In today's decision, the Tribunal ruled that while HUDCO is entitled to pursue its recovery certificate, the same cannot be used to reject the settlement reached between Bakshi and McDonald's.