April 18, 2021

Vijay Mallya: Supreme Courtroom junks UBHL plea towards HC order to wind up Vijay Mallya’s agency

New Delhi: The Supreme Courtroom on Monday dismissed a plea filed by liquor baron Vijay Mallya‘s United Breweries Holdings Restricted (UBHL) to problem a Karnataka Excessive Courtroom order to uphold the winding up of the corporate for restoration of dues payable by Kingfisher Airways Ltd.

A bench headed by Justice UU Lalit declined to entertain the attraction filed by UBHL. The highest court docket thus affirmed the winding up of the 102-year-old mother or father firm of the UB Group.

Senior Advocate Mukul Rohatgi, representing the consortium of banks led by the SBI, knowledgeable the highest court docket that to date round Rs 3,600 crore have been recovered however Rs 11,000 crore nonetheless wanted to to be recovered from Mallya and UBHL.

Rohatgi contended that the Enforcement Directorate (ED) shouldn’t have hooked up the properties of the corporate as these had been encumbered property and thus banks had the primary declare over the property.

The whole dues of UBHL to its collectors, as per the Karnataka Excessive Courtroom order in February 2018, are round Rs 7,000 crore.

On September 30, the United Breweries Holdings Ltd had informed the Supreme Courtroom that it had supplied over Rs 14,000 crore to numerous banks to settle its dues and that the corporate’s property exceeded its whole debt.

Senior Advocate CS Vaidyanathan, showing for United Breweries, had submitted earlier than the highest court docket that because the firm’s property exceeded the entire debt, it was not the case whereby the corporate must be directed to wind up.

Vaidyanathan insisted that the ED had hooked up many property of the corporate, because of which none was obtainable to the banks.