Vikram Bakshi withdraws plea seeking nod to travel overseas

NEW DELHI: Vikram Bakshi, former partner of McDonald’s India, on Friday withdrew an application before an appellate tribunal seeking permission to travel abroad. The National Company Law Appellate Tribunal had restricted Bakshi from travelling overseas before reaching a settlement with state owned Hudco, which has claimed dues of Rs 194 crore from Bakshi.

Bakshi’s counsel said that he is withdrawing his application to be allowed to travel abroad since "he doesn't want to give an impression that he wants to run away or anything; he is a law abiding citizen."

The NCLAT, however, allowed Bakshi’s wife Madhurima Bakshi to travel to Thailand on November 2-8 for a family function. The NCLAT had previously asked Bakshi and his wife to furnish a security deposit of Rs 5 crore each to be allowed to travel abroad. The counsel argued that Madhurima Bakshi had no stake in Connaught Plaza Restaurants Ltd and should be allowed to leave as the main party (Bakshi) was staying in India.