NCLAT gives Bakshi four weeks to settle Hudco dues in one last chance

Appellate tribunal says deal with McDonald's India will be cancelled if dues are not settled

The National Company Law Appellate Tribunal (NCLAT) on Tuesday gave Vikram Bakshi time of four weeks as one last chance to settle his Rs 190 crore dues with state-owned Housing and Development Corporation (Hudco), failing which his out-of-court deal with McDonald's India Private Limited will stand cancelled, the appellate tribunal observed.

A two member bench led by Justice S J Mukhopadhaya on Tuesday observed that Bakshi should pay at least half of the Rs 190 crore dues being claimed by Hudco. The two parties, the two member bench said, could negotiate on the rest of the amount to be paid.