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HC orders winding-up of United Breweries on its failure to discharge dues of Kingfisher Airlines

February 9, 2017[2017] 78 taxmann.com 80 (Karnataka)
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CL : United Breweries (Holdings) Ltd.(UBHL) ordered to be wound up for its failure to pay back creditors, including banks, as per corporate guarantees extended to Kingfisher Airlines Ltd.

• On the basis of summary of the Financial Reports and constant increase in losses and complete erosion of net worth and reticent refusal of Company, UBHL to square up its Guarantee obligations and raising sham and moonshine defences to avoid winding up, it was held that UBHL is a commercially insolvent Company and is unable to meet its admitted financial obligations and square up its admitted liability towards the petitioning creditors. Further, it is evident from relevant and cogent material that the specified amounts of debts were due to be recovered from UBHL under its contractual Guarantee obligations incurred by it for the financial obligations of the Kingfisher Airlines Ltd, which it has failed to discharge, despite due notice without any cogent reasons. Therefore, on a totality of the facts and circumstances, the Company, UBHL deserves to be wound up for its failure to discharge its admittedly liability towards the petitioning creditors.

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