HUDCO approaches NCLAT to recover dues from Bakshi

State-owned HUDCO Monday approached the NCLAT to recover its Rs 60 crore loan plus interest from Vikram Bakshi, who has agreed for an out-of-court settlement with McDonald's ending their six-year long dispute.

Counsel for HUDCO filed an intervention application before a two-member bench of the National Company Law Appellate Tribunal (NCLAT), headed by Chairperson S J Mukhopadhyay, pleading that its dues should be cleared first from the amount that Bakshi was to receive from the US fast food chain.

The state-owned firm pleaded before the bench that it has the first right over the amount to be received by Bakshi under the settlement agreement with McDonald's. Balance amount, if any, after clearing its dues could be transferred to him.

HUDCO claims that it had given Rs 60 crore loan to Bakshi for his hospitality company, Ascot Hotels Pvt Ltd and the loan account turned into NPA (non performing asset).

Bakshi's counsel declined to comment.

In 2013, Housing and Development Corporation Ltd .