UB Holdings embroiled in Kingfisher case

The United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as a wilful defaulter since the company had the resources to repay the loan as guarantor of Kingfisher Airlines. Kingfisher Airlines and directors declared as wilful defaulters now won’t be able to borrow from banks in the future. They would also lose director-level positions in companies and criminal proceeding could be initiated against them.