The court said BNP Paribas is entitled to claim the corporate guarantee provided by UBHL.
In spite of being served valid notices, UBHL failed to pay its dues to BNP Paribas, Justice Anand Byrareddy said in his order.
BNP Paribas had filed the winding petition last November on defaults by now grounded Kingfisher Airlines promoted by UBHL over unpaid dues of Rs 146 crore (now close to Rs 200 crore).
Certain companies, including BNP Paribas, which are creditors to UBHL, had filed petitions in the High Court seeking its winding up as the holding company was unable to pay its debts.