Vijay Mallya's UB Engineering nears liquidation

Insolvency process of company has not begun yet. Its 180-day moratorium ends in July

The Vijay Mallya-led UB Engineering, the first case to be admitted under the National Company Law Tribunal (NCLT) for financial restructuring, is on the verge of liquidation. The insolvency process has not yet begun, even as it nears the end of a 180-day moratorium.

A committee of creditors, including IDBI and Axis Bank, had not approved the final resolution professional until a few days earlier. The case was admitted on January 19. Its six months will end in July.

“Banks were not happy with the interim resolution professional appointed by the company,” sources told Business Standard.

While the committee had to take a