28 August, 2020

India: United Breweries Holdings expresses intent to settle its dues to 14 banks

Fugitive liquor baron Vijay Mallya's United Breweries Holdings Limited (UBHL) on August 27 expressed the intent to settle its dues worth over Rs 14,000 crore to a consortium of 14 banks, the Financial Express has reported.

Making the 'bonafide offer' to settle its dues, UBHL said the aim of bankruptcy laws is to ensure companies stay viable and the creditors are paid back their dues.

It moved the Supreme Court against the Karnataka High Court's March 6 order that upheld its February 2017 order directing the winding up of UBHL for recovery of dues payable by Kingfisher Airlines Limited. UBHL is a promoter of Mallya's now-defunct airline. A similar offer by UBHL was rejected by the state HC earlier in March this year.

In February 2017, a single-judge bench of the Karnataka HC ordered the winding up of Vijay Mallya’s UBHL in order to pay out the debts of Kingfisher Airlines which was a part of the holding company before it went bankrupt.

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