Companies

Kingfisher Airlines case: HC dismisses United Breweries’ appeal against winding-up order

Krishna Prasad Bengaluru | Updated on March 06, 2020 Published on March 06, 2020

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on March 06, 2020
This article is closed for comments.
Please Email the Editor