High Court adjourns UBHL’s appeal on sale of shares

The Karnataka High Court on Monday adjourned a batch of appeals by banks and trade creditors, including an appeal by United Breweries Holdings Limited (UBHL) seeking permission to sell shares under the supervision of a court-appointed committee, to December 17.

The UBHL counsel sought for the court’s permission to allow the sale of shares and to stop the winding up proceedings.

The counsel also contended that if the shares of the company — part of the assets seized by the Enforcement Directorate — are sold in addition to the deposit lying with the HC, about Rs 15,100 crore can be realised.

He also added that Rs 15,100 crore would be an additional Rs 3,500 crore than all the outstanding dues, thus making it unnecessary for the court to go ahead
with the winding up proceedings.

Order challenged

UBHL has challenged the February 7, 2017 order passed by a single bench (company judge) which had directed the winding up of the company which stood as corporate guarantor for loans extended to the now defunct Kingfisher Airlines Limited.