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NCLAT defers hearing of Bakshi-McDonald’s India dispute case to Oct 25
Tuesday, 26 September, 2017, 08 : 00 AM [IST]
Ashwani Maindola, New Delhi
The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of the case of the dispute between Vikram Bakshi, managing director, Connaught Plaza Restaurants Ltd (CPRL) and McDonald’s India Pvt Ltd to October 25, 2017, in the light of an order given by the London Court of International Arbitration (LCIA) asking Bakshi to sell his stake in the former to the United States-based quick service restaurant (QSR) chain.

It has allowed McDonald’s India to present a copy of the order before the bench. In its order, NCLAT stated that it had already been informed about the arbitration dispute already decided by LCIA.

“The learned counsel for the appellants, McDonald’s India Pvt Ltd & Ors informed that an arbitration dispute has been decided by International Tribunal under the Rules of the London Court of International Arbitration. He is allowed to file a copy of the (partial) award for the perusal of the Appellate Tribunal,” the order said.

“The learned counsel for the respondents, Vikram Bakshi and Ors, have no objection to production of the copy of this award. List the case for hearing on October 25, 2017,” it added.

The NCLAT did not pronounce any verdict, and stated that it would study the order.

There are two appeals lying before the NCLAT. One was Bakshi’s plea seeking a stay against the termination of the franchise agreement by McDonald’s India, and the second was the latter’s appeal challenging the National Company Law Tribunal’s (NCLT) order reinstating the former as managing director, CPRL.

The tribunal bench observed that it had to verify whether it was a case of operational mismanagement or an arbitral dispute.

CRPL, in which Bakshi and McDonald’s India have a 50 per cent stake each, runs 169 McDonald’s restaurants in north and east India. The latter had terminated its franchise agreement with CPRL, citing non-payment of royalties as the main reason.
 
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