Karnataka HC upholds order on UB winding up plea

United Breweries Holdings  Limited (UBHL) and  Kingfisher Airlines ongoing legal battle in the Karnataka High Court continues. Today Karnataka High Court upheld the order on UBHL's winding up plea and dismissed the company's appeal against the same.
 
In April 2013, BNP Paribas had filed a winding up petition against United Breweries Holdings Limited (UBHL) owing to non-payment of dues to the tune of around Rs 203 crore including interest.

BNP Paribas was one of the many in fact one of the over 10 creditors who had filed this winding up petition, making today's judgement by Karnataka HC particularly significant because it could pave the way for the re remaining creditors as well.

Also read: Won't sell USL shares; hope to recover KFA investment: SREI

On November 19 the Karnataka High Court had allowed the petition to stay and had told BNP Paribas that it can put out ads after four weeks time. But UBHL had filed an appeal seeking this to be revoked.

However, today the Karnataka High Court dismissed that appeal and has told BNP Paribas that it can go ahead and advertise winding  up plea after December 19.

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