NEW DELHI: The Housing and Urban Development Corporation (HUDCO) on Tuesday seized an 18,600 square metres property in Noida, belonging to a flagship company of Vikram Bakshi, who is locked in a bitter takeover battle with McDonald's for control of Connaught Plaza Restaurants (CPRL).
Bakshi's company Ascot Hotels & Resorts failed to repay a loan of Rs 80 crore to the government-backed lender, HUDCO officials alleged. According to HUDCO officials, a term loan of Rs 80 crore was sanctioned to Ascot Hotels & Resorts with Bakshi and his wife as guarantors for the construction of a club-cum-banquet hall at sector 62 in Noida.
Subsequently, HUDCO disbursed Rs 62.38 crore. Notices issued by HUDCO to the borrowers/guarantors state that the latter defaulted persistently even after assuring to repay. Bakshi's company said they have been repaying the loan and said HUDCO's stance had hurt the project.
with thanks : Times of India : LINK : for detailed news.
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