Summary:
However, the counsel for the banks told the Bench that UBHL had only written to the banks asking about current schemes for one-time settlement of dues. made an oral observation in this regard while adjourning further hearing till April 4 on the appeal filed by UBHL against the winding up order. Earlier, it was pointed out by UBHL counsel that the company had written to the banks with regard to a one-time settlement as per the suggestion made by the Bench on March 15. The banks have responded to the company stating that there is no specific one-time settlement for this nature of case. Meanwhile, the counsel for the banks made it clear that UBHL has no other option but to make some payment to the banks if it has to sustain its appeal against the winding up order..