McDonald’s India (MIPL) has moved the Delhi High Court for enforcement of the partial award rendered in its favour by the London Court of International Arbitration in a case against its Indian partner Vikram Bakshi.
At the same time, MIPL will continue with its appeal at the National Company Law Appellate Tribunal. In a statement, the company said it will also continue to take all other measures and steps to exercise legal and contractual rights in related matters.
The Delhi High Court is scheduled to hear the company’s appeal on Tuesday. Incidentally, the National Company Law Tribunal is also slated to hear an appeal by Bakshi against McDonald’s India on Tuesday.
Stating that the arbitration proceedings are confidential, both the partners have in the past refused to comment on the specifics of the award. However, according to media reports, the London Court of International Arbitration has said that Bakshi should sell his stake in Connaught Plaza Restaurants Ltd (CPRL) to McDonald’s at a fair market valuation which should be determined by independent experts.