Appeal against winding up of UBHL: High Court to hear on April 17

THE United Breweries Holdings Limited (UBHL) on Monday sought time from the High Court to submit details containing valuation of company’s assets and shares required to clear the dues owed to national

Published: 03rd April 2018 05:41 AM  |   Last Updated: 03rd April 2018 05:41 AM   |  A+A-

By Express News Service

BENGALURU: The United Breweries Holdings Limited (UBHL) on Monday sought time from the High Court to submit details containing valuation of company’s assets and shares required to clear the dues owed to nationalised banks which had lent money to the now-defunct Kingfisher Airlines.

A division bench of Chief Justice Dinesh Maheshwari and Justice B M Shyam Prasad adjourned the hearing to April 17. The court was hearing the appeal filed by UBHL against the order of winding up passed by the single bench. The UBHL had stood guarantor for loans provided to the Kingfisher Airlines by the banks. Senior Counsel Sajan Poovayya, representing UBHL, argued over the interlocutory application seeking permission of the court to sell the shares and assets which are attached by the Enforcement Directorate.

He also submitted that the estimated cost of assets was Rs 7,500 crore as against the dues of Rs 6,000 crore and referred to the winding up order passed by the single bench. Senior counsel S S Naganand of Consortium of Banks argued that not a single paisa was received in the last one year and the total due was in fact more than Rs 10,000 crore. In the application, the official liquidator contended that the total amount of dues was yet to be determined as the dues were to be paid to the 2,000 employees and it could sell the assets worth Rs 7,000 crore attached by the enforcement directorate.

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