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HUDCO approaches NCLAT to recover dues from Bakshi

Press Trust of India  |  New Delhi 

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

for HUDCO filed an intervention application before a two-member bench of the (NCLAT), headed by S Mukhopadhyay, pleading that its dues should be cleared first from the amount that Bakshi was to receive from the US fast

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 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, and the loan account turned into NPA (non performing asset).

Bakshi's declined to comment.

In 2013, Housing and (HUDCO) had filed a criminal case under the Negotiable Instruments Act against Bakshi in a 2012 cheque bounce case and said its dues owed to Bakshi had crossed Rs 75 crore.

HUDCO had also filed cases against Bakshi under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act.

The NCLAT is expected to pass on order on May 15 over the out-of-court settlement between Bakshi and

Earlier on May 6, estranged partners McDonald's and Bakshi told the NCLAT that they were working towards an out-of-court settlement to end their dispute.

Subsequently, on May 9, they announced an out-of-court settlement with the US fast agreeing to buy Bakshi from their joint venture that operated outlets of the chain in north and

The details of the pact, including financial terms, were not disclosed.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 13 2019. 19:01 IST