Vijay Mallya\u2019s United Breweries (Holding) (UBHL) on Thursday offered to settle Rs 14,518-crore liabilities with the consortium of 14 banks and others, saying the bankruptcy and winding up laws are aimed at keeping \u201calive the viable companies while ensuring that creditors are paid back.\u201d \u201cThis bona fide offer of Rs 14,518.02 crore (as on January 17, 2020) is required to be viewed in the context of the banks having already recovered Rs 2,877.55 crore till date leaving a balance due, at the highest of Rs 5,958.97 crore, given that all the assets of UBHL stood attached by ED in June and September 2016,\u201d UBHL said.<\/p>\n
\u201cIt is difficult to comprehend the rationale of the banks not to realise their debts on court directed and court monitored sale of attached assets and those which had been offered\u2026,\u201d the appeal stated, adding that the proceedings under the Insolvency and Bankruptcy Code in the last three years have seen the creditors taking a haircut of the entirety of the interest and up to 85-90% of even the principal amount.<\/p>\n","protected":false},"excerpt":{"rendered":"
Vijay Mallya\u2019s United Breweries (Holding) (UBHL) on Thursday offered to settle Rs 14,518-crore liabilities with the consortium of 14 banks and others, saying the bankruptcy and winding up laws are aimed at keeping \u201calive the viable companies while ensuring that creditors are paid back.\u201d \u201cThis bona fide offer of Rs 14,518.02 crore (as on January 17, 2020) is required to be viewed in the context of the banks having already recovered Rs 2,877.55 crore till date leaving a balance due, at the highest of Rs 5,958.97 crore, given that all the assets of UBHL stood attached by ED in June […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[196,130,138],"tags":[],"class_list":["post-370425","post","type-post","status-publish","format-standard","hentry","category-civil-aviation-the-financial-express","category-newspapers","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/370425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=370425"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/370425\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=370425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=370425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=370425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}