UBHL winding up case: Next hearing on December 20


Team Udayavani, Dec 18, 2018, 9:55 AM IST

Bengaluru: The Karnataka High Court Monday adjourned to December 20 the hearing on a plea which sought not to wind up liquor baron Vijay Mallya-linked UBHL and give the company an opportunity to clear the debts related to his defunct Kingfisher Airlines Limited.

The bankers and creditors have been pressing for 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 crore.

During the hearing Monday, UBHL counsel Sajjan Poovayya submitted that there was no need to wind up the company as it has enough assets to repay the creditors. Poovayya said the company would furnish details of its assets and the court can auction them and the recovered money can be deposited with it.

He submitted that the company would get about Rs 15,000 crore if the assets were auctioned. Even after giving money to the creditors, the company would be still left with about Rs 3,500 crore, he said.

In February last, the high court had ordered winding up of United Breweries (Holdings) Ltd (UBHL), the parent company of the UB Group, for recovering dues payable by UBHL-promoted Kingfisher Airlines Limited.

Justice Vineet Kothari had said in his order on petitions by banks and aircraft lessors that UBHL deserves to be wound up for “failure to discharge” their duties to pay up their creditors. Leaving creditors in the lurch, Mallya had fled India and taken shelter in London.

However, a London court had ruled on December 10 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

BJP and TRS: From allies to arch-enemies

BJP empowering poor, opposition parties their own families: Nadda at BJP meet

Dhanush unveils new film ‘Captain Miller’, Arun Matheswaran to direct

Taxpayers face issues accessing e-filing portal; Infy taking measures, says IT dept

Kanhaiya Lal murder accused attacked at Jaipur court

Ship sinks in storm off Hong Kong, dozens of crew in danger

Police claim of Zubair’s bail being denied ‘scandalous’: Defence counsel


Related Articles More

Senior citizen dies in elephant attack in Sakleshpur

Bengaluru: Father-son duo blackmail woman with private videos

Sullia: 4-year-old boy dies after being electrocuted

B’luru: Cop’s wife accuses him of raping stepdaughters; requests CBI probe

Malpe: Anchored boat washed away at sea

MUST WATCH

India’s first unmanned combat aircraft flight successful

How to earn God’s grace?

NEW BULLETIN 01-07-2022

Heavy Rain Mallar Urdu school Damage

Heavy rain at kaup area


Latest Additions

After reconvening, Delhi court rejects Zubair’s bail plea and sends him to 14-day judicial custody

BJP and TRS: From allies to arch-enemies

Senior citizen dies in elephant attack in Sakleshpur

BJP empowering poor, opposition parties their own families: Nadda at BJP meet

Dhanush unveils new film ‘Captain Miller’, Arun Matheswaran to direct

Thanks for visiting Udayavani

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