16 March, 2017

India: United Breweries asked by court to come up with deposit offer

Hearing an appeal filed by the United Breweries (Holdings) Ltd (UBHL), the high court on March 15 asked the company to come up with a deposit offer, and adjourned the hearing to March 22, The Times of India reported.

The bench suggested that the appellant and the consortium of banks could hold talks and arrive at a settlement. Following a single bench order on February 7, 2017 di recting initiation of proceedings to recover the loan (Rs 6,000 crore plus interest) the defunct Kingfisher Airlines Ltd owed to the consortium, UBHL filed an original side appeal (OSA). UBHL's lawyer informed the HC that a deposit of Rs 1,280 crore had been made in the wake of the interim orders. The appellants added that were ready to settle the issue.

Counsel for the banks said the total amount that was due was Rs 10,000 crore. The banks said besides Vijay Mallya's tweet, nothing visible had been forthcoming from the appellants. But they expressed readiness for a one-time settlement.

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