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Business News » Companies News

Big blow to Vijay Mallya, Karnataka High Court orders winding up of United Breweries Holdings

The Karnataka High Court on Tuesday ordered winding up of United Breweries Holdings Ltd (UBHL) for recovering dues payable by the UBHL-promoted defunct Kingfisher Airlines of Vijay Mallya.

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Big blow to Vijay Mallya, Karnataka High Court orders winding up of United Breweries Holdings
Kingfisher Airlines owner Vijay Mallya owns a 52.34% in United Breweries Holdings Limited (UBHL). Image Source: Reuters
Written By: PTI
Updated: Tue, Feb 07, 2017
07:57 pm
Bengaluru , PTI
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In a major jolt to liquor baron Vijay Mallya, the Karnataka High Court on Tuesday ordered the winding up of United Breweries Holdings Ltd (UBHL), the parent company of UB Group, for recovering dues payable by the UBHL-promoted defunct Kingfisher Airlines.

"This court has come to a conclusion that the respondent company UBHL deserves to be wound up for failure to discharge their duties to pay up their creditors," Justice Vineet Kothari said in his order allowing petitions by banks and aircaft lessors.

Justice Kothari of the Dharwad Bench of the High Court pronounced the order through video conferencing.

The creditors including BNP Paribas, the lead petitioner, State Bank of India and aircraft lessors and engine makers such as Rolls Royce and IAE had moved the court to get back their dues of Rs 146 crore.

The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process as per the law.

ALSO READ: CBI court issues warrant against Vijay Mallya in IDBI loan case

"The assets whatever are left now cannot be left under the control, possession and management of the respondent company, and if necessary could be handed over to official liquidator to proceed further until winding up of the respondent company is achieved in accordance with the law," he said.

The lenders to Kingfisher Airlines filed the case against UBHL seeking dues from the now defunct airline. UBHL had given corporate guarantees for loans to run Kingfisher, which has virtually caused the collapse of Mallya's liquor empire.

Mallya owns a 52.34% in United Breweries Holdings Limited (UBHL).

Justice Kothari also disposed of all Interlocutory Applications filed by UBHL.

The latest blow to the liqour baron comes after a CBI court last month issued a non-bailable warrant against him in the Rs 720-crore IDBI Bank loan default case as the agency sought his extradition from the UK.

Earlier, the Debt Recovery Tribunal had ordered the SBI-led consortium of banks to start the process of recovering over Rs 6,203 crore, at 11.5% annual interest rate, from the embattled tycoon and his companies in another Kingfisher Airlines case. 

ALSO READ: Karnataka High Court issues bailable arrest warrant against Vijay Mallya 

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TAGS:
Vijay MallyaAviationKarnataka High CourtUnited Breweries HoldingsUnited Breweries Holding LtdUBHLKingfisher AirlinesRECOVERY OF DUESUB GroupBNP ParibasState Bank of IndiaRolls RoyceiaeKingfisherLOAN DEFAULT CASEIDBI Bank loan default caseUKIDBI Banknon-bailable warrantCBI courtDebt Recovery TribunalKingfisher Airlines case
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