A consortium of lenders to the grounded Kingfisher Airlines moved the Karnataka High Court on Friday demanding a direction to United Breweries Holdings (UBHL) to deposit in court the entire proceeds from its stake sale to British liquor firm Diageo. In its application, the consortium of 14 banks, led by State Bank of India, said it had to recover dues to the tune of R6,203 crore from the company and Kingfisher.
In April, the consortium had recovered around R544 crore by selling pledged shares in the open market.
The court has posted the matter to July 22 when it will also resume hearing the winding-up petitions filed against UBHL.
Last week, Diageo completed its acquisition of 25.02% stake in United Spirits, the flagship company of Vijay Mallya's UB Group. The court, which is hearing five winding-up petitions against UBHL, had on May 24 given the company permission to sell 13.61 million shares it held in United Spirits to conclude the deal.
The winding-up petitions had been filed by aircraft lessors and financiers of Kingfisher between March and November 2012. While allowing UBHL to sell the shares, the court had directed it to deposit R250 crore with the court and to submit a statement of accounts.
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