News Karnataka
Friday, December 09 2022
Bengaluru

K’taka HC grants permission to advertise Mallya’s properties for loan recovery

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Bengaluru: A divisional bench of Karnataka High Court on Thursday, December 22, granted conditional permission to advertise the properties of liquor baron Vijay Mallya-linked United Breweries Holdings Limited to recover loans.

The official liquidator could advertise for tenants to the flats attached and other vacant spaces, but to lease it out, the official must wait for the court’s judgment. The official was appointed to recover money owed by Mallya to the banks and others after the court passed an order to wind up the company in 2017.

However, the UBHL has contested the appointment of the liquidator arguing that the company had enough assets that could be liquidated to pay off the debts.

“The banks require about Rs 10,000 Crore, including principal and interest, and other creditors need around Rs 2,500 Crore. The UBHL, at present, has about Rs 7,500 Crore worth of assets and an additional Rs 7,500 Crore from contributors, which could pay off the debts and keep the company running with the remaining amount,” UBHL counsel Sajan Poovayya told the court.

Claiming that the UBHL was in no way connected to the alleged fraud, he added, “The only mistake was to sign the corporate guarantee for Kingfisher Airlines.”

The court will resume hearing on January 3.

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