The National Company Law Appellate Tribunal (NCLAT) on Tuesday allowed US food major McDonald’s and its former estranged Indian partner Vikram Bakshi to withdraw their petitions filed against each other over Connaught Plaza Restaurants Ltd.
The appellate tribunal also dismissed the intervention application filed by HUDCO earlier opposing the deal. HUDCO had opposed the settlement claiming ₹195 crore dues from Bakshi and his related entities.
CPRL (Connaught Plaza Restaurants Ltd.) is now wholly-owned by McDonald’s after its estranged partner Vikram Bakshi transferred his share in the joint venture to the U.S.-based firm.
On May 9, 2019 both the parties announced an out-of-court settlement with the U.S. fast food chain agreeing to buy Mr. Bakshi’s share in the joint venture that operated outlets of McDonald’s in north and east India.
The details of the settlement pact, including financial terms, were not disclosed. Following that both Mr. Bakshi and McDonald’s had approached NCLAT to withdraw cases filed against each other.
