Live
- Bengal: Senior resident doctor accused of rape, attempt to murder absconding
- Prateeksha Srivastava says she seldom meets fellow music composers Rusha, Blizza, in person
- KTR Accuses Government of Brutality Against Farmers, Calls for Immediate Action
- Manchu Manoj Attends Shooting Amid Family Controversy
- BWF World Tour Finals: Treesa-Gayatri defeat Malaysian pair to keep semis hopes alive
- MUDA case: Complainant Krishna asks Lokayukta to file new plaint on CM Siddaramaiah on ED’s report
- Airport capex in India to cross Rs 60,000 cr in fiscals 2025-2027 to handle growing traffic: Crisil
- Five-Year-Old Boy Dies After 55-Hour Rescue from Borewell in Rajasthan's Dausa
- Chaos in Parliament over Congress-George Soros link claims, BJP MP poses questions
- Bus Driver Arrested After Deadly Accident in Mumbai’s Kurla; 42 Injured
Supreme Court junks UBHL plea against HC order to wind up Mallya's firm
Vijay Mallya
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.
