United Breweries Holding Limited (UBHL) has failed to discharge its admitted liability towards creditors of Kingfisher Airlines as UBHL had given corporate guarantee against financial obligation of Kingfisher Airlines. For recovering dues from Kingfisher Airlines, the lenders have filed winding up petition against UBHL. Since, UBHL has failed to discharge its contractual obligation executed under Guarantee agreement in favor of the petitioner, the Karnataka High Court orders winding up of UBHL Company. - [2017] 78 taxmann.com 80 (Karnataka)
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