Kingfisher Airlines' promoter Vijay Mallya's woes seem to see no end in sight. As United Spirits' much-awaited deal with Diageo is nearing fruition, one of the final hurdles on the way is the winding up petition that eight creditors have filed against the company. These creditors, including BNP Paribas, Rolls Royce and Wells Fargo Bank have filed the petition against UB Holdings in the Karnataka High Court.
The creditors are alleging that the company owes them over Rs 300 crores while UB Holdings has sought the court's permission for the stake sale to Diageo.
Also read: New legal strains in Kingfisher jet repossession row
The court, on Friday asked the company to file all key documents including details of encumbered and unencumbered shares and the break-up of the amount it owes to all the creditors. Mallya has time till May 1 to do this and the matter will be heard in the Karnataka High Court on May 3.
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