Vijay Mallya-linked firm moves SC against debt recovery
Liquor baron Vijay Mallya-linked United Breweries Holdings (UBHL) on Monday moved the Supreme Court against a Karnataka high court’s order that allowed the debt recovery officer to sell its 2.8% shareholding, worth Rs 1,025 crore, in beer manufacturer United Breweries (UBL) through private sale in a piecemeal manner.
It said that this piecemeal sale was allowed to proceed despite the owners of properties having filed an application on June 22 making an offer to the HC to sell liquid assets (principally the 26.8% shareholding of UBHL in UBL) to discharge the liabilities of various creditors of the defunct Kingfisher Airlines at a time when the value of assets aggregated to over Rs 13,960 crore (over Rs 14,910 crore as on March 31, 2019).
