UBHL pleads with Karnataka HC not to wind up company


Team Udayavani, Dec 12, 2018, 9:58 AM IST

Bengaluru: Liquor baron Vijay Mallya-linked UBHL has pleaded before the Karnataka High Court not to wind up the company to clear the debts related to his defunct Kingfisher Airlines Limited.

The bankers and creditors have been pressing for the closure of the company to clear the debts owed by Mallya, wanted for alleged bank fraud and money laundering amounting to an estimated Rs 9,000 crores.

Last year in February, the Karnataka High Court had ordered winding up of United Breweries (Holdings) Ltd (UBHL), the parent company of UB Group, for recovering dues payable by the UBHL-promoted Kingfisher Airlines Limited.

UBHL deserves to be wound up for “failure to discharge” their duties to pay up their creditors, Justice Vineet Kothari had said in his order on petitions by banks and aircraft lessors.

During the hearing of UBHL’s interlocutory application filed before a division bench Monday, the company pleaded that it will furnish details of its assets and its contributories as well as the money that has to be given to the banks and other trade creditors for the winding up action, company’s counsel Sajan Poovayya told PTI.

The court can auction them and whatever money is recovered would be deposited with it, the petitioner has told the court.

The company has estimated that it will get about Rs 15,000 crore, Poovayya said, adding that UBHL has urged the court that it can take a call on how much is to be given to the banks and others.

“The company has stated that even after giving money to the bankers, there will still be about Rs 3,500 crore. The company will utilise that money. Hence, there is no need to wind it up,” Poovayya said.

The matter has been posted for hearing on December 17.

Leaving the creditors in the lurch, Mallya fled India and took shelter in London.

However, on Monday, a London court ruled that the 62-year-old businessman had a prima facie case of fraud and money laundering to answer and ordered his extradition.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Lies have short life, Cong’s ‘fake’ narrative smashed: Fadnavis

Temple idols found desecrated in Hyderabad, case registered

SC junks plea against quashing of LOC issued to ex-house help of Sushant Singh Rajput

JPC chairman Jagdambika Pal to visit K’taka on Nov 7 to meet farmers protesting Waqf notices

Indian boxer Mandeep Jangra wins WBF’s world title

Related Articles More

Waqf Issue: JPC chair Jagdambika Pal to visit Hubballi, Vijayapura on November 7

Shivamogga: Wild elephant dies due to electrocution form farm fence; Landowner detained

Bengaluru airport collaborates with Echoes of Earth festival for 5th consecutive year

Will appear before Lokayukta for questioning in MUDA case, says CM Siddaramaiah

Ex-PM Gowda jumps into campaign fray, seeks support for grandson in Channapatna bypoll

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Waqf Issue: JPC chair Jagdambika Pal to visit Hubballi, Vijayapura on November 7

Maharashtra Polls: Eknath Shinde targets Uddhav for `giving up’ Bal Thackeray’s principles for power

Shivamogga: Wild elephant dies due to electrocution form farm fence; Landowner detained

Folk singer Sharda Sinha’s condition critical, PM in direct contact with treating doctors

Weight loss could help one manage PCOS symptoms, study suggests

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.