Karnataka

HC orders winding up of UB group parent company

Vijay Mallya, the chairman of grounded carrier Kingfisher Airlines. file photo  

In a major blow to liquor baron Vijay Mallya, the Karnataka High Court on Tuesday ordered the winding of the United Breweries (Holdings) Limited, the parent company of UB group, for recovering dues payable by the UBHL-promoted Kingfisher Airlines Ltd. (KAL).

Justice Vineet Kothari delivered the verdict while allowing a petition filed in 2012 by IAE International Aero Engines AG, Connecticut, U.S., seeking the winding up of  UBHL, which was the guarantor of KAL.

The Judge pronounced the order sitting at the Dharwad Bench of the High Court through a video conference.

KAL and the UBHL owed Rs. 153 crore to IAE in 2012.

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Printable version | Oct 25, 2020 2:23:55 AM | https://www.thehindu.com/news/national/karnataka/HC-orders-winding-up-of-UB-group-parent-company/article17234929.ece

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