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

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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.

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