- Jaishankar wraps up New York leg of US visit, to travel to Washington between Sep 27-30
- RBI cancels licence of Kapol Cooperative Bank in Mumbai
- WII team inspects Alipiri footpath
- KCR advises people take safety measures during Ganesh idol immersion
- Chiefs of Indo-Pacific Armies agree on joint action plan to tackle challenges in region
- Chandrapur sarpanch receives Union Tourism Award
- 'Amit Shah assured that murderers will be punished', Manipur CM on students' killing
- Asian Games: Sift Kaur wins gold with world record as shooters make India's day; Vishnu Saravanan wins bronze in sailing
- DUTA polls record 85% voting, counting underway
- IT Department searches offices of Chinese electronic giant Lenovo in Mumbai, Bengaluru, Gurugram
Supreme Court junks UBHL plea against HC order to wind up Mallya's firm
The Supreme Court on Monday dismissed a plea filed by liquor baron Vijay Mallya's United Breweries Holdings Limited (UBHL) to challenge a Karnataka High Court order to uphold the winding up of the company for recovery of dues payable by Kingfisher Airlines Ltd.
New Delhi:The Supreme Court on Monday dismissed a plea filed by liquor baron Vijay Mallya's United Breweries Holdings Limited (UBHL) to challenge a Karnataka High Court order to uphold the winding up of the company for recovery of dues payable by Kingfisher Airlines Ltd.
A bench headed by Justice UU Lalit declined to entertain the appeal filed by UBHL. The top court thus affirmed the winding up of the 102-year-old parent company of the UB Group.
Senior Advocate Mukul Rohatgi, representing the consortium of banks led by the SBI, informed the top court that so far around Rs 3,600 crore have been recovered but Rs 11,000 crore still needed to to be recovered from Mallya and UBHL.
Rohatgi contended that the Enforcement Directorate (ED) should not have attached the properties of the company as these were encumbered assets and thus banks had the first claim over the assets.
The total dues of UBHL to its creditors, as per the Karnataka High Court order in February 2018, are around Rs 7,000 crore.
On September 30, the United Breweries Holding Ltd had told the Supreme Court that it had offered over Rs 14,000 crore to various banks to settle its dues and that the company's assets exceeded its total debt.
Senior Advocate CS Vaidyanathan, appearing for United Breweries, had submitted before the top court that since the company's assets exceeded the total debt, it was not the case wherein the company should be directed to wind up.
Vaidyanathan insisted that the ED had attached many assets of the company, as a result of which none was available to the banks.