Company Law Tribunal admits Vijay Mallya's UB Engineering insolvency plea

First case where the NCLT admitted such a plea

The National Company Law Tribunal (NCLT) admitted on Wednesday an insolvency petition filed by UB Engineering Ltd (UBEL), part of the Vijay Mallya-owned UB Group. 

Its Mumbai bench, where the petition was filed, appointed insolvency professional A K Mehta to initiate the process. “This is the first such case NCLT has admitted (under the new law),” a person who was part of the filing process told this newspaper.

Following the NCLT decision, UB Holdings, which has 37 per cent of the equity, loses control over the affairs. Failing a resolution, the company will go for liquidation. It owes Rs 450