New Delhi: In what is being seen as more trouble for the grounded Kingfisher Airlines, one of its creditors — United Bank of India — has filed a winding-up petition against United Breweries Holdings Ltd (UBHL). The petition is pending admission before the Karnataka High Court, it is learnt.
UBHL, which is the holding company of the UB Group, was the guarantor for the loans given by United Bank of India to Kingfisher Airlines (KFA).
United Bank is the first lender in the 17-bank consortium to seek winding up of the guarantor company (UBHL), after KFA defaulted. In comparison, the consortium headed by State Bank of India is looking to proceed directly against KFA for recovery of the dues, estimated at about Rs 7,000 crore.
United Bank of India has an exposure of close to Rs 400 crore to KFA, which includes pre-delivery payment (PDP) financing for aircraft as well as working capital financing.
01/04/13 KR Srivats/Ashwini Phadnis/Business Line
