BENGALURU: Stating that it is concerned about the impact of winding up of United Breweries (Holdings) Ltd (UBHL) on its employees and unsecured creditors, the High Court on Wednesday gave the company one more chance to come out with a fair offer of deposit to be paid to a consortium of banks and others creditors.
A division bench of Chief Justice Subhro Kamal Mukherjee and Justice R B Budihal was hearing the appeal filed by UBHL against the single-judge bench order of February 7 on winding up of the firm on account of its failure to discharge the guarantee obligations. The bench adjourned the matter to April 4.
When the bench asked about the fair offer which was suggested by bench orally during the last hearing, the counsel for the consortium of banks said that UBHL has written a letter asking about any current scheme for one-time settlement of dues. The banks have informed the company that there is no such scheme for this case, the counsel said.
“We are in a situation like the Chataka bird (Jacobin, cuckoo or pied cuckoo, which is considered a harbinger of the monsoon) waiting for the rain. UBHL has to pay `10,000 crore. They must come out with some amount,” the counsel said.
A single-judge bench had allowed the petitions filed by International Aero Engines AG and the consortium of banks. They prayed the High Court seeking directions to wind up UBHL to recover the dues payable by company, which was corporate guarantor for the now defunct Kingfisher Airlines Ltd (KFAL). UBHL filed an appeal before the division bench against allowing the petitions.