HC admits winding up of UB Holdings as it failed to honour guarantee to repay dues of Kingfisher Air

CL : Where petitioners, foreign companies and banks, had entered into transactions with 'Kingfisher' of which respondent company was holding company who had executed corporate guarantee to repay amounts due and payable by Kingfisher, winding up petition against respondent company was to be admitted on failure of Kingfisher to pay dues and failure of respondent to honour guarantee