New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday denied any interim relief to Vikram Bakshi on his plea seeking a stay on termination of franchise agreement by McDonald’s for 169 stores operated by Connaught Plaza Restaurant Ltd (CPRL). With this, the fate of 169 stores in north and east India remains in limbo as Connaught Plaza Restaurant Ltd’s licence to operate lapsed on Tuesday. CPRL is a 50:50 JV between McDonald’s and its estranged partner Mr Bakshi.
“If all papers are in order then it would be listed tomorrow,” said the single-member bench of NCLAT.
On Tuesday, the National Company Law Tribunal (NCLT) had dismissed Mr Bakshi’s petition against cancellation of franchise licence agreement to CPRL, following which Mr Bakshi moved an appeal before NCLAT.
McDonald’s on August 21 terminated the franchise agreement for the 169 outlets operated by CPRL.
As part of the termination, CPRL has ceased to use the McDonald’s name, system, trademark, designs and its associated intellectual property, among others from September 5.