NCLAT to hear Vikram Bakshi’s plea on McDonald’s franchise pact tomorrow
New Delhi, September 6: The National Company Law Appellate Tribunal (NCLAT) today refused any temporary relief to Vikram Bakshi on his plea that requested a stay on termination of franchise agreement by McDonald’s for 169 stores operated by Connaught Plaza Restaurant Ltd’s.
— Financial Express (@FinancialXpress) September 5, 2017
Due to this, the 169 stores in North and East India remains oblivion as the license of Connaught Plaza Restaurant Ltd’s (CPRL) to operate finished on Tuesday. So, the 169 stores in the North and East India got closed today. Connaught Plaza Restaurant Ltd’s is a 50:50 Joint Venture between McDonald’s and its alienate partner Vikram Bakshi.
Due to the license of Mc Donald’s with Connaught Plaza Restaurant Ltd’s got over on Tuesday, so Vikram Bakshi moved an appeal before the National Company Law Tribunal (NCLT). A single-member bench of National Company Law Appellate Tribunal said that “If all papers are in order then it would be listed tomorrow.