Don’t want to give an impression that I am running away: Vikram Bakshi withdraws plea to travel abroad

Estranged McDonald’s India partner Vikram Bakshi today withdrew his application filed before the National Company Law Appellate Tribunal seeking permission to travel abroad..“I am a law abiding citizen. I don’t want to give an impression that I want to run away”, Advocate Tejas Karia, appearing on behalf of Bakshi, told a two-member Bench of NCLAT headed by Chairperson, Justice SJ Mukhopadhyay. .Bakshi had moved the application in view of an order passed by the NCLAT last month, directing him to not leave the country without its permission..The order was passed in connection with HUDCO’s plea seeking a bite of around Rs. 190 crores from the settlement amount payable to Vikram Bakshi by McDonald’s..It is HUDCO’s contention that the settlement is in the teeth of an order passed by the DRT on February 2, 2016. This order had restrained Bakshi from transferring or creating any third-party interests in the shares held by him in CPRL..When the application to travel abroad was taken up for the first time, the NCLAT had directed Bakshi to state on affidavit what “security” he was prepared to deposit to ensure his return to India..Bakshi, however, preferred to withdraw his plea. The request for withdrawal was allowed by NCLAT..Apart from Bakshi, his wife, Madhurima Bakshi had also moved an application seeking permission to travel abroad..Karia informed the Court that Madhurima Bakshi had not received any settlement amount from McDonald’s and there was no decree against her..The counsel for HUDCO countered the contention on the ground that she was a shareholder in Bakshi Holding which received compensation from McDonald’s. It was also stated that Madhurima Bakshi was a DRT certified debtor..After hearing the parties, NCLAT proceeded to allow Madhurima Bakshi’s plea to travel abroad..“In view of the facts and circumstances, we allow the wife of Vikram Bakshi, Madhurima Bakshi, to travel abroad to Thailand for a family wedding from 2nd-8th November 2019. She must return on 9th November 2019.”.Last month, NCLAT had opined that the settlement agreement reached between McDonald’s India and Vikram Bakshi was prima facie against the order passed by the Debts Recovery Tribunal and had thus directed the parties to put it on hold..The matter will be taken up next on November 19.