Karnataka HC adjourns plea seeking not to wind up Mallya’s United Breweries

Bengaluru: Karnataka High Court on Thursday adjourned hearing on a petition, which sought not to wind up fugitive businessman Vijay Mallya-linked United Breweries. The petition also sought an opportunity to sell the firm’s assets worth Rs 13,900 crore seized by Enforcement Directorate (ED), to pay back loans under judicial supervision.

According to media reports, the embattled liquor baron Mallya will also face bankruptcy proceedings in a UK High Court next year. A group of Indian banks has filed a case against him in an attempt to recover unpaid debt worth over one billion pounds.

Mallya is facing money-laundering charges in the UK after India initiated extradition proceedings against him. Both, ED as well as CBI have filed several cases for alleged loan default against him.

On November 22, the UK High Court issued an order asking Mallya to pay a hefty amount of GBP 88,000 to UBS Investment Bank, which had issued GBP 20.4 million in the mortgage loan for his London property, and ruled in favour of UBS to take possession of Mallya’s palatial Cornwall Terrace home.

Mallya is residing in the UK from the past two years. His extradition case is reportedly in its final stage at London’s Westminster Magistrates’ Court which is expected to deliver its ruling by the year-end.