UB Holdings close to out-of-court settlement for two winding-up petitions

Aircraft, engine lessors, financial institutions for lease have filed a clutch of cases against UB Holdings

UB Holdings, the principal investment holding company of UB Group Chairman Vijay Mallya, has said it is close to an out-of-court settlement for two of the five winding-up petitions filed by a section of lenders to Kingfisher Airlines.

Aircraft and engine lessors, as well as financial institutions involved in the leases, have filed a host of cases against UB Holdings. They say they are yet to receive dues of about Rs 600 crore from the company.

“There are five winding-up petitions filed before the company court in Bangalore. Of these, we have serious counter-claims against three of the petitioners. We are in dialogue with the other two petitioners for an out-of-court settlement,” Mallya told shareholders at the UB Holdings annual general meeting in Bangalore on Thursday.