SC to examine if assets can be considered for liquidation to settle dues

 

SC to examine if assets can be considered for liquidation to settle dues

UBHL has challenged the March 6 order of the Karnataka High Court upholding the decision of a single judge to wind up the company

Current Affairs :The Supreme Court Thursday said it would analyze whether resources of an organization which have been connected by the specialists following legitimate procedures can be considered for liquidation to settle monetary liabilities. 

A seat of Justices U Lalit and Vineet Saran was educated by senior backer C S Vaidyanathan, showing up for alcohol noble Vijay Mallya’s United Breweries (Holding) Ltd (UBHL), that organization’s benefits in entirety are far more noteworthy than its liabilities. 

UBHL has tested the March 6 request for the Karnataka High Court maintaining the choice of a solitary appointed authority to wrap up the organization. 

Vaidyanathan told the seat that the court ought not maintain ending up of the organization as it has unquestionably more access resources than its liabilities. 

He said the high court failed in not tolerating its proposal of settlement and gave its finding of maintaining the choice to wrap up the organization. 

The seat got some information about the connection of the organization’s properties by the Enforcement Directorate under the Prevention of Money Laundering Act (PMLA) procedures against the outlaw financial specialist, who is in the UK.

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