New Delhi: An SBI-led consortium of lenders on Friday moved the Supreme Court claiming that both Vijay Mallya and the defunct Kingfisher Airlines are jointly and severally liable to pay total outstanding dues of around Rs 5,772.94 crore, and sought a direction to United Breweries (Holdings) and others to deposit the entire money realised from the sale of United Spirits (USL) with the court.
SBI said it was sure that even if all the secured assets of UBL and Kfa were sold and their value realised, they would still not be able to recover a substantial portion of the outstanding dues, around R5,772.94 crore including interest and other charges on May 31, 2013. Thus, the money disbursed pursuant the sale to ILFS, Religare Finvest, Capital First, IFCI, Yes Bank and HDFC should be deposited in the court pending an enquiry into the validity of their pledges, it said.
The Karnataka High Court had on December 20 last year annulled the sale of 6.9% stake (10,141,437 shares) in USL to British group Diageo by guarantor UBHL, the aholding company of Vijay Mallya’s UB Group. The HC had asked Diageo to return the purchased shares to UBHL within two weeks on the ground that the lenders have a claim over guarantor’s assets.
03/05/14 Indian Express
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SBI said it was sure that even if all the secured assets of UBL and Kfa were sold and their value realised, they would still not be able to recover a substantial portion of the outstanding dues, around R5,772.94 crore including interest and other charges on May 31, 2013. Thus, the money disbursed pursuant the sale to ILFS, Religare Finvest, Capital First, IFCI, Yes Bank and HDFC should be deposited in the court pending an enquiry into the validity of their pledges, it said.
The Karnataka High Court had on December 20 last year annulled the sale of 6.9% stake (10,141,437 shares) in USL to British group Diageo by guarantor UBHL, the aholding company of Vijay Mallya’s UB Group. The HC had asked Diageo to return the purchased shares to UBHL within two weeks on the ground that the lenders have a claim over guarantor’s assets.
03/05/14 Indian Express
