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Vijay Mallya summoned in UBHL winding up case

Vijay Mallya summoned in UBHL winding up case
Highlights

The Karnataka High Court on Monday directed UB Group Chairman Vijay Mallya to appear before it on Tuesday in connection with a bunch of winding up...

Bangalore (PTI): The Karnataka High Court on Monday directed UB Group Chairman Vijay Mallya to appear before it on Tuesday in connection with a bunch of winding up petitions filed by creditors. The petitioners are claiming close to Rs 600 crore from the UB Holding Ltd. Justice Ram Mohan Reddy directed Mallya to appear in the court along with the passport.

The creditors, including BNP Paribas, to United Breweries Holding Ltd, had filed petitions in the High Court seeking winding up of UBHL as the holding company was unable to pay its debts. UBHL, holding company of the UB Group, is contesting in the court the admission of six winding up petitions filed by aircraft lessors and financiers of crisis-hit Kingfisher Airlines last year.

Earlier, the creditors had almost stalled the share sale of UBHL's holdings in United Spirits to Diageo, global spirits major. However, the court had earlier granted approval to UBHL to go ahead with the share sale provided UBHL submitted Rs 250 crore as guarantees to it.
While UBHL has submitted the same, the court has been hearing the winding up petitions. Mallya last week had expressed the hope of reaching out-of-court settlements with two of the five petitioners and said the company was having serious counter claims against three of the petitioners.
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