The National Company Law Tribunal (NCLT) decision assumes significance as Connaught Plaza Restaurants is the 50:50 joint venture (JV) between McDonald's India Pvt. Ltd. (MIPL) and Bakshi.
The company runs McDonald's outlets in North and Eastern part of India. Bakshi was removed as MD of the company in August 2013.
On its part, MIPL said: "We respect the decision of the NCLT. We are examining the judgement and exploring our legal options in the matter."
Thursday's decision is expected to aid the company in reopening of over 40 of its restaurants in the national capital, as certain regulatory requirements to be fulfilled by an MD can now happen.
On June 29, the company had temporarily suspended operations of more than 40 of its restaurants in Delhi after the "Eating House Licences" of a number of outlets expired.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.