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.
Full report here Indian Express