Karnataka HC orders to wind up UB Empire
- Mallya owns a 52.34 per cent in United Breweries Holdings Limited.
- BNP Paribas, State Bank of India, and others had filed petition in the court to get back their dues.
FollowSingle bench of High Court on Tuesday, February 7, ordered to wind up the close the United Breweries (Holdings) Ltd (UBHL), the parent company of UB Group, owned by Vijay Mallya for non payment of outstanding dues payable by UBHL to international companies and banks.
“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
The Justice of Dharwad Bench of the High Court pronounced the order through video conferencing. BNP Paribas, State Bank of India, and others had filed petition in the court to get back their dues of Rs 146 crore.
The order says that the assets cannot be left under the control, possession and management of the respondent company and should be handed over to official liquidator, until winding up of the respondent company.
Mallya owns a 52.34 per cent in United Breweries Holdings Limited. The bench also disposed of all Interlocutory Applications filed by UBHL.
