The Karnataka High Court has refused to grant relief to United Spirits Limited and USL Benefit Trust, which sought to quash a condition imposed by IDBI Bank Limited for release of its pledged equity shares given in lieu of a loan of Rs 625,45,056 crores sanctioned and disbursed to Kingfisher Airlines, in 2010. Justice Alok Aradhe while dismissing the writ …
United Spirits Limited argued before the Karnataka High Court that despite the fact that USL has repaid the entirety of its loan from IDBI, the bank is incorrectly refusing to release the securities. The bank is maintaining that it is holding the securities on the ground that loans taken by Kingfisher Airlines Limited remain unpaid. He argued that as USL …
![Karnataka HC Refuses To Quash Condition Imposed By IDBI Bank For Release Of Pledged Equity Shares Of United Spirits Ltd[Read Order]](https://www.livelaw.in/h-upload/images/vijay-mallya.jpg)