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In yet another setback for liquor baron Vijay Mallya, the Karnataka High Court on Friday dismissed an appeal filed by United Breweries (Holding) Ltd, the 102-year-old parent company of the UB Group, against the winding-up order passed in February 2018 for its failure to pay admitted liabilities to unsecured and secured creditors, including banks, per the corporate guarantees extended to Kingfisher Airlines Ltd.
A Division Bench comprising Justice Alok Aradhe and Justice Ravi V Hosmani passed the order while upholding the winding-up order passed by a single-judge Bench.
The winding-up order was passed on the petitions filed by unsecured creditors and suppliers, such as IAE International Aero Engines AG, Rolls-Royce & Partners Finance Ltd, London, and BNP Paribas, France, and secured creditors — a group of banks led by SBI. Per the court’s calculation made in February 2018, the total due was around ₹7,000 crore.
The Division Bench said it did not find any infirmity in the order for the winding up UBHL passed by the single-judge Bench.
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