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Vikram Bakshi facing loan-default with Hudco
Posted On: 17-09-2013 00:00:00 13

As per a report in Economic Times, Vikram Bakshi, the erstwhile managing director of Connaught Plaza Restaurants that runs the McDonald's chain in North and East India, is also struggling on another front with the Housing and Urban Development Corporation (Hudco) moving to seize his assets after a loan default. Hudco has filed a case against Bakshi after he failed to meet payments on loans worth Rs 80 crore for his privately held Ascot Hotels & Resorts at Noida. As per Hudco, cheques signed by Bakshi have bounced several times. A case has been filed in the debt recovery tribunal.

Hudco's moves compounds the problems for Bakshi who was accused by McDonald's of lapses in the running of Connaught Plaza Restaurants and ousted from the post of Managing Director. McDonald's and Bakshi are fighting the dispute at the Company Law Board.

Ascot Hotels & Resorts, headed by Bakshi, operates premium serviced apartments, wayside amenities, retail and specialty restaurants. Most of these chains are operated under the brand name, Savoy.

 
 
 

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