State Bank of India v. Official Liquidator M/S United Breweries (Holdings) Ltd. (In Liqn)

Order dated

12.12.2025 on IA No.1/2025 in TRC No.39/2022 (old TRC No.255/2017) in OA No.766/2013 has passed the following order:

¶7The relevant portion of the order reads as follows:

"7. The present IA filed by Certificate Holder Bank is allowed for the release of workmen dues, since the workmen dues have priority over the claim by secured creditors.

¶8The Canara Bank is herby directed to close the FDs created from the sale of shares except the FDs of poundage fees & pay the entire proceeds along with interest to official liquidator in the following account: Beneficiary Name Official Liquidator of M/s. Kingfisher Airlines Ltd. (in liquidation) Bank Name Punjab National Bank, Hudson circle Branch, Bengaluru IFSC Code PUNB0004100 Account No 0041002100027797

¶9Canara Bank should file a proper statement of account to Recovery Officer, after reimbursement of workmen dues to Official Liquidator.

¶10Official Liquidator is directed to pay the balance amount to the workmen dues of M/s KAL.

¶11State Bank of India/Official Liquidator to repay the amount released for workmen dues to Recovery Officer, if any dispute arises in future.

The date of next hearing is 23.12.2025.

A copy of this order be sent to the parties.

Given under my hand and seal of the Tribunal of the 12th day of December 2025. (Emphasis supplied)

¶8This order has attained finality. It is submitted that Rs.3,11,67,91,407/- is the amount due to the workmen of M/s.Kingfisher Airlines Limited. It is further submitted that Rs.144.24 crore is credited to the account of the Official Liquidator attached to the Company. And the application is filed with a prayer to furnish the details of the amount released to the workmen and with a direction to settle the dues of the workmen of the M/s.Kingfisher Airlines Limited.

¶9Learned Senior Counsel for the applicant would submit that, since the order dated 12.12.2025 has attained finality, the order is to be given effect to settle workmen dues.

¶10Learned counsel for the respondent-Official Liquidator would submit that this application should have been filed in a winding up proceeding concerning Kingfisher Airlines Ltd., and the application could not have been filed in

this Company Petition. It is submitted that, in case, the amount is to be paid to the workmen of M/s.Kingfisher Airlines Limited, then the Bank has to release the balance amount which is realised by the consortium of Bank.

¶11It is also further submitted that, the amount recovered from the sale of the assets belonging to the United Breweries (Holdings) Limited cannot be appropriated towards the payment of dues to the workmen of M/s Kingfisher Airlines Ltd.

¶12The Court is of the view that the applicant Banks have to furnish the details as to how much amount is recovered from the sale of the assets of United Breweries (Holdings) Limited., and sale of the assets of M/s.Kingfisher Airlines Limited in respect to the properties attached and subsequently released by the Enforcement Directorate before of the consortium of Banks. Once the details are furnished, the Official Liquidator shall disburse the amount due to the workmen of the M/s.Kingfisher Airlines Limited from the

amount received from the sale of the assets of the M/s.Kingfisher Airlines Limited.

¶13It is further made clear that, since the application is made in the present Company Petition, instead of COP No.214/2012, the consortium of Bank shall not file one more application in said COP No.214/2012 for a prayer to pay the amount to the workmen of M/s.Kingfisher Airlines Limited.

¶14Accordingly, the Company Application is allowed in part. Sd/- (ANANT RAMANATH HEGDE) JUDGE

GVP List No.: 2

NC:(2026:KHC:17636( CA(No.(287(of(2025( IN(COP(No.(57(of(2012(&(OTHERS( (, ,,HC-KAR( ( ( ( IN(THE(HIGH(COURT(OF(KARNATAKA(AT(BENGALURU( THDATED(THIS(THE(27 (DAY(OF(MARCH,(2026( BEFORE( THE(HON'BLE(MR.(JUSTICE(ANANT(RAMANATH(HEGDE( COMPANY(APPLICATION(NO.(287(OF(2025(( IN(( COMPANY(PETITION(NO.57(OF(2012(&(OTHERS( BETWEEN:(( ( 1., STATE,BANK,OF,INDIA,, STRESSED,ASSETS,MANAGEMENT,BRANCH,,, ND2 ,FLOOR,,OFFICE,COMPLEX,BUILDING,,LHO, CAMPUS,,NO.65,,ST.,MARKS,ROAD,,, BENGALURU,-,560001,,, BY,ITS,ASST.,GENERAL,MANAGER,, SMT.,HEMALATHA,P,K., , 2., PUNJAB,NATIONAL,BANK,, A,BODY,CORPORATE,UNDER,BANKING,COMPANIES, (ACQUISITION,AND,UNDERTAKING),ACT,,1970, HAVING,ITS,HEAD,OFFICE,AT,7,,,Digi tally BIKAJI,CAMA,PLACE,,NEW,DELHI-110066,,,signedtiby PRAMILA0G0V ACTING,THROUGH,ITS,LARGE,CORPORATE,BRANCH, AT,CENTENARY,BUILDING,,28,,M.G.,ROAD,,Location: HIGH0COURT BANGLORE-560001., OF , KARNATAKA 3., IDBI,BANK,LIMITED,, A,COMPANY,INCORPORATED,UNDER,, THE,COMPANIES,ACT,1956,,AND,A,BANKING, COMPANY,WITHING,THE,MEANING,OF,THE,BANKING, REGULATION,ACT,,1949,HAVING,ITS,OFFICE,AT,, IDBI,TOWERS,,WTC,COMPLEX,, CUFFE,PARED,,COLABA,MUMBAI,-400005., , 4., BANK,OF,BARODA,, A,BODY,CORPORATE,UNDER,BANKING,COMPANIES, NC:(2026:KHC:17636( CA(No.(287(of(2025( IN(COP(No.(57(of(2012(&(OTHERS( (, ,,HC-KAR( ( ( ( (ACQUISITION,AND,UNDERTAKING),ACT,,1970, HAVING,ITS,HEAD,OFFICE,AT,BARODA,HOUSE, P.B.NO.506,MANDAVI,VADODARA,-,396006,, HAVING,BRANCH,AT,P.,O,BOX,NO.,11745,, SAMATA,BUILDING,GENERAL,BHOSALE,MARG,, NARIMAN,POINT,MUMBAI-400021., , 5., UNION,BANK,OF,INDIA,, (ERSTWHILE,CORPORATION,BANK),, HAVING,CORPORATE,OFFICE,AT,, UNION,BANK,BHAVAN,NO.239,VIDHAN,BHAVAN,, MARG,,NARIMAN,POINT,,MUMBAI-400021., , 6., UCO,BANK,, A,BODY,CORPORATE,UNDER,BANKING,COMPANIES, (ACQUISITION,AND,UNDERTAKING),ACT,,1970,AND, HAVING,ITS,HEAD,OFFICE,AT,NO.10,BTM,SARANI,, KOLKATA-700001,WEST,BENGAL,INDIA,, HAVING,ITS,BRANCH,OFFICE,AT,,1ST,FLOOR,,, 13/22,K.G.ROAD,,BANGLORE-560009., , 7., INDIAN,OVERSEAS,BANK,, A,BODY,CORPORATE,UNDER,BANKING,COMPANIES, (ACQUISITION,AND,UNDERTAKING),ACT,,1970, HAVING,ITS,CENTRAL,OFFICE,AT,763,,, ANNA,SALAI,,CHENNAI-600002,, HAVING,ITS,BRANCH,OFFICE,AT,, HARI,KRIPA,,26A,,S,V,ROAD,,SANTACRUZ,(W),, MUMBAI-400,054., , 8., THE,FEDERAL,BANK,LTD., A,COMPANY,WITHIN,THE,MEANING, OFF,THE,INDIAN,COMPANIES,ACT,1956,,, HAVING,ITS,REGISTERED,OFFICE,AT,FEDERAL, TOWERS,,ALLUVA,-683101,,KERALA,,, HAVING,ITS,BRANCH,OFFICE,AT,ST,,MARKS,ROAD,, 9,,HALEYON,COMPLEX,,ST,,MARKS,ROAD,, BANGLORE-560001., , NC:(2026:KHC:17636( CA(No.(287(of(2025( IN(COP(No.(57(of(2012(&(OTHERS( (, ,,HC-KAR( ( ( ( 9., PUNJAB,AND,SIND,BANK,, A,BODY,CORPORATE,UNDER,BANKING,COMPANIES, (ACQUISITION,AND,UNDERTAKING),ACT,,1970, HAVING,ITS,HEAD,OFFICE,AT,21,,, RAJENDRA,PALACE,,NEW,DELHI-110008,, HAVING,BRANCH,OFFICE,AT,J,K,SOMANI,BUILDING,, BRITISH,HOTEL,LANE,,FORT,,MUMBAI-,400023., , 10., JAMMU,AND,KASHMIR,BANK,LTD.,, A,BANKING,COMPANY,INCORPORATED,, UNDER,THE,PROVISIONS,OF,THE,JAMMU,AND, KASHMIR,COMPANIES,ACT,,1977,, HAVING,REGISTERED,OFFICE,AT,CORPORATE, HEADQUARTER,,MAULANA,AZAD,ROAD,,, SRINAGAR,,KASHMIR,,190001,AND,ITS,BRANCH, OFFICE,AT,SAIYAD,HOUSE,124,S.V.,SAVARKAR, MARG,,MAHIM,WEST,(MUMBAI).-400016., , 11., JM,FINANCIAL,ASSET,, RECONSTRUCTION,CO.,PVT.,LTD., THHAVING,ITS,REGISTERED,OFFICE,AT,7 ,,FLOOR,, CNERGY,,APPASAHEB,MARATHE,MARG,,, PRABHADEVI,,MUMBAI-40002,,, APPLICANTS,2,TO,11,ARE,REPRESENTED,BY,, APPLICANT,NO.1,SMT,HEMALATHA,P.K,,, A,GAM,OF,APPLICANT,NO.1,BANK.,, …APPLICANTS,, (BY,SRI,VIKRAM,HUILGOL,,SENIOR,COUNSEL,FOR,, ,SRI,PATIL,VEERENDRA,CHANDRASHEKHAR,,ADVOCATE), , AND:( ( OFFICIAL,LIQUIDATOR,, M/S.,UNITED,BREWERIES,(HOLDINGS),LTD.,(IN,LIQN), M/S.,UNITED,BREWERIES,(HOLDINGS),LTD.,, (IN,LIQN),CORPORATE,BHAVAN,,NO.,26-27,,, TH12 ,FLOOR,,RAHEJA,TOWERS,,MG,ROAD,,, BENGALURU,-,560001., …RESPONDENT, (BY,SRI,SHRISHAIL,NAVALGUND,,ADV.,FOR,OL), THIS COMPANY APPLICATION IS FILED UNDER SECTION 151 OF CPC READ WITH RULE 6 AND 9 OF THE COMPANIES (COURT) RULES 1959 PRAYING THIS HON'BLE COURT TO DIRECT THE RESPONDE