Bakshis Ascot Hotels owes Hudco over Rs 100 crore: CMD

Written by fe Bureau | Mumbai | Updated: Sep 17 2013, 09:11am hrs
Vikram Bakshi, the estranged partner of US fast food major McDonalds in north and east India, through his own hospitality venture owes over R100 crore to Housing and Urban Development Corporation (Hudco) in debt, and penalty charges that have accrued over the last two years due to non repayment of the loan amount, reports fe Bureau in Mumbai. Bakshis hospitality venture Ascot Hotels had borrowed R60 crore in 2007-2008 from Hudco for Savoy Club planned in sector 62, Noida, in the National Capital Region, which is still not operational, Hudcos chairman and managing director

VP Baligar told newspersons while answering queries on Hudcos non-performing assets.

"We have filed several cases against Ascot over the last two years under Sarfaesi, criminal complaints under Section 138 of the Negotiable Instruments Act for cheques bounce and have also filed a case in DRT (Debts Recovery Tribunal) against the company two to three months back," Baligar said.

While Bakshi's spokesperson declined comment as the matter is sub-judice, sources close to him said that the total loan amount was Rs 80 crore and Hudco released around Rs 60 crore towards the project to which it could not be completed. The project could not be completed as Hudco never released the full loan amount and the matter is under dispute. It's an old case, sources close to Bakshi said.