Court asks UBHL for a concrete plan to pay creditors

The Karnataka High Court on Thursday asked the United Breweries Holdings Limited(UBHL) to present an offer that satisfies the court while hearing a matter regarding the deposit to be paid by UBHL to a consortium of banks and creditors.

A division bench of Chief Justice Dinesh Maheshwari and Justice Sunil Dutt Yadav were hearing the appeal filed by UBHL.

The company's counsel submitted a memo before the court on Thursday. It had the summary of the market value of the assets currently owned by UBHL, some of which have been attached by Directorate of Enforcement

According to the summary, the total value of the assets - pledged and unpledged shares, bank balance among others- currently held by the company and Vijay Mallya and other entities total up to Rs 12,203 crore. Some of these assets have been subject to attachment by the ED

Sajan Poovayya, the petitioner's counsel submitted before the court that they are ready to sell all their assets worth Rs 12,203 crore and deposit the amount to the court. "The banks are claiming debts amounting to Rs 6,500 crore and the amount can go up to Rs 9,000 crore. Against this, we are ready to deposit a sum of Rs 12,203 crores as a settlement amount of all the pending dues." He said.

However, the court asked the petitioner to come up with a concrete plan for clearing the pending dues. The court also asked for a list of events in a summarised manner that have taken place in this matter before the court.

The matter was adjourned for hearing to April 2.

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