Saturday, July 31, 2021
154,225FansLike
654,155FollowersFollow
0SubscribersSubscribe
Want create site? Find Free WordPress Themes and plugins.

United Breweries in Supreme Court, challenging Karnataka High Court’s order dismissing winding up of company

Want create site? Find Free WordPress Themes and plugins.

New Delhi (ILNS): A petition has been filed by United Breweries (holdings) Limited in the Supreme Court challenging the dismissal of the application by the Karnataka High Court wherein the High Court had dismissed a petition against the winding up of the company and appointment of an official liquidator.

A bench headed by Justice UU Lalit, Justice Vineet Saran and Justice S. Ravindra Bhat will hear the matter today on September 30.

The petition is filed regrading the judgment of March 6, 2020 by the Karnataka High Court. Kingfisher Airlines Limited (KAL) was promoted by United Breweries Holdings Ltd. (UBHL). The KAL approached State Bank of India and other Banks for sanction of working capital and other financial assistance. The lenders bank formed a consortium and restructured the loans/ facilities advance to KAL by consolidating the facilities and entering into a Master Debt Recast Agreement. Later in the process, KAL settled a trust and appointed SBICAP as security trustee for the benefit of Consortium of Banks to hold encumbrances created or to be created pursuant to the security deposits. The KAL, UBHL and Kingfisher Finvest (India Ltd.) entered into various hypothetical/ mortgage/assignment agreement in favour of consortium of banks to secure payments of loans including all interest, peace and commission etc. Dr. Vijay Mallya executed personal guarantee in favour of the SBI for securing the obligation of KAL under Master Debt Recast Agreement.

Read Also: All you need to know about the Babri Masjid demolition case, a timeline

-ILNS

Did you find apk for android? You can find new Free Android Games and apps.

News Update

Punjab and Haryana High Court dismisses plea of man trying to illegally oust his aged mother

A Punjab and Haryana High Court single bench passed the dismissal order of the petition of a man who had attempted to illegally oust his aged mother while hearing a Criminal Writ Petition filed by Sunny Goyal.

Tribunals on Trial

In a TV discussion on pr...
Did you find apk for android? You can find new Free Android Games and apps.