{"id":46899,"date":"2017-02-08T03:32:29","date_gmt":"2017-02-07T22:02:29","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=46899"},"modified":"2017-02-08T03:32:29","modified_gmt":"2017-02-07T22:02:29","slug":"big-blow-mallya-ktk-hc-orders-ubhls-winding","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/big-blow-mallya-ktk-hc-orders-ubhls-winding","title":{"rendered":"Big blow to Mallya, K’tk HC orders UBHL’s winding up"},"content":{"rendered":"
\"Big<\/a>
Big blow to Mallya, K’tk HC orders UBHL’s winding up<\/figcaption><\/figure>\n

In a major jolt to liquor baron Vijay Mallya, the Karnataka High Court today 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 Limited.<\/p>\n

“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.<\/p>\n

Justice Kothari of the Dharwad Bench of the High Court pronounced the order through video conferencing.<\/p>\n

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.<\/p>\n

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.<\/p>\n

“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.<\/p>\n

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.<\/p>\n

Mallya owns a 52.34 per cent in United Breweries Holdings Limited.<\/p>\n

Justice Kothari also disposed of all Interlocutory Applications filed by UBHL.<\/p>\n

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.<\/p>\n

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

( Source – PTI )<\/p>\n","protected":false},"excerpt":{"rendered":"

In a major jolt to liquor baron Vijay Mallya, the Karnataka High Court today 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 Limited. “This court has come to a conclusion that the respondent company UBHL deserves to […]<\/p>\n","protected":false},"author":1,"featured_media":44164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1954],"tags":[146,31987,38665,117,80,27264,10449],"class_list":["post-46899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-high-profile-cases","tag-court","tag-featured","tag-karnatka-high-court","tag-law","tag-legal-news","tag-ubhl","tag-vijay-mallya"],"yoast_head":"\nBig blow to Mallya, K'tk HC orders UBHL's winding up - Legal News India - Supreme Court & High Court Updates<\/title>\n<meta name=\"description\" content=\"In a major jolt to liquor baron Vijay Mallya, the Karnataka High Court today ordered the winding up of United Breweries (Holdings) Ltd (UBHL), the parent - Get the latest legal news from the Supreme Court, High Courts, and government. 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The petition seeks unpaid dues of Rs 146 crore from\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"vijay mallya","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/vijay-mallya_650x400_41458213209.jpg?fit=650%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/vijay-mallya_650x400_41458213209.jpg?fit=650%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/vijay-mallya_650x400_41458213209.jpg?fit=650%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":31278,"url":"https:\/\/www.legalindia.com\/news\/court-annuls-sale-united-spirits-shares-diageo","url_meta":{"origin":46899,"position":1},"title":"Court annuls sale of United Spirits’ shares to Diageo","author":"Legal India Admin","date":"December 21, 2013","format":false,"excerpt":"A Division Bench of the Karnataka High Court, on Friday, set aside the permission granted by a single judge bench to UB (Holdings) Ltd. (UBHL) to sell 1.36 crore shares of United Spirits Ltd. (USL) to British liquor major Diageo Plc. Terming the transaction of Diageo in purchase of these\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"bb","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2013\/12\/bb7-148x150.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":56528,"url":"https:\/\/www.legalindia.com\/news\/karnataka-high-court-dismisses-united-spirits-plea-for-release-of-idbi-held-shares","url_meta":{"origin":46899,"position":2},"title":"Karnataka High Court dismisses United Spirits’ plea for release of IDBI-held shares","author":"Legal India Admin","date":"July 2, 2019","format":false,"excerpt":"The Karnataka High Court has dismissed a plea by United SpiritsNSE -0.04 %, seeking release of its securities held by IDBI BankNSE -0.14 % as a pledge from United Breweries Holdings (UBHL) against the bank\u2019s exposure to the defunct Kingfisher AirlinesNSE -11.11 % (KFA) Finding \u201cno merit\u201d in USL\u2019s petition,\u2026","rel":"","context":"In "Bar, Bench & Firm News"","block_context":{"text":"Bar, Bench & Firm News","link":"https:\/\/www.legalindia.com\/news\/category\/bar-bench-firm-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/07\/download-16.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":30250,"url":"https:\/\/www.legalindia.com\/news\/court-reprieve-mallya-kingfisher-case","url_meta":{"origin":46899,"position":3},"title":"Court reprieve for Mallya in Kingfisher case","author":"Legal India Admin","date":"September 18, 2013","format":false,"excerpt":"The Karnataka High Court Tuesday deferred, by a week, its Monday summons for appearance of Kingfisher Airlines chairman Vijay Mallya as he is abroad. When Mallya's counsel informed the court that his client was not in Bangalore to appear Tuesday, as he was travelling abroad, Justice Ram Mohan Reddy kept\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":44163,"url":"https:\/\/www.legalindia.com\/news\/hc-upholds-summoning-vijay-mallya","url_meta":{"origin":46899,"position":4},"title":"HC upholds summoning of Vijay Mallya","author":"Legal India News","date":"July 29, 2016","format":false,"excerpt":"The Delhi High Court today upheld the trial court order summoning liquor baron Vijay Mallya as an accused in several cheque-bouncing cases filed against him by Delhi airport operator DIAL, saying being incharge of the company he was \"equally liable to be prosecuted\". Justice P S Teji refused to quash\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"HC upholds summoning of Vijay Mallya","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/07\/Mallya.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":58616,"url":"https:\/\/www.legalindia.com\/news\/sc-judge-recuses-from-hearing-vijay-mallyas-plea-against-karnataka-hc-order-for-payment-of-rs-3101-cr","url_meta":{"origin":46899,"position":5},"title":"SC Judge recuses from hearing Vijay Mallya’s plea against Karnataka HC order for payment of Rs 3,101 Cr.","author":"Legal India Admin","date":"January 21, 2020","format":false,"excerpt":"Supreme Court judge Justice R F Nariman January 20 recused himself from hearing a plea of fugitive businessman Vijay Mallya against a Karnataka High Court directing him to pay Rs 3,101 crore to a consortium of banks. A bench of Justices Nariman and S Ravindra Bhat observed that Mallya has\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2019\/03\/vijay-mallaya.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-ccr","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/46899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=46899"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/46899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/44164"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=46899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=46899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=46899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}