McDonald’s row: NCLAT refuses to pass interim order

By: |
New Delhi | Published: September 7, 2017 4:33 PM

The National Company Law Appellate Tribunal today refused to pass any interim order on estranged partner Vikram Bakshi's plea against termination of McDonald's.

Vikram Bakshi, vikram bakshi McDonalds, McDonalds row, mcdonalds NCLT, mcdonalds case, bakshi caseMcDonald’s on August 21 terminated franchisee agreement for the outlets in question operated by CPRL. (PTI)

The National Company Law Appellate Tribunal today refused to pass any interim order on estranged partner Vikram Bakshi’s plea against termination of franchise licence agreement by US-based fast food chain McDonald’s. This means the fate of 169 McDonald’s stores in north and east India hangs by a thread as CPRL’s licence to operate the outlets lapsed on September 5.

An NCLAT bench headed by Justice S J Mukhopadhyaya has issued a direction to list on September 21 Bakshi’s licence termination petition along with the original one filed by McDonald’s. Bakshi had yesterday approached the National Company Law Appellate Tribunal (NCLAT) to stay the termination of franchise licence agreement by McDonald’s for 169 stores operated by their joint venture Connaught Plaza Restaurant Ltd (CPRL).

CPRL is a 50:50 JV between McDonald’s and Bakshi. McDonald’s on August 21 terminated franchisee agreement for the outlets in question operated by CPRL. As part of the termination, CPRL cannot use McDonald’s name, system, trademark, designs and its associated intellectual property, among others, from September 5.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Bank debt restructuring to delay bad loans recognition: Fitch
2Gujarat Traders Federation wants dedicated retail trade policy for medium size traders
3Andhra Pradesh unveils new Industrial Policy with focus on 10 key sectors