Shareholders of McDowell Holdings
Posted On : April 27, 2023
A section of the shareholders of McDowell Holdings, formerly owned by Vijay Mallya, has approached the Supreme Court opposing the National Company Law Appellate Tribunal's decision to allow creditor Sun Star Hotels & Estate to proceed with the insolvency proceedings. The shareholders of McDowell including Porinju Veliyath's Equity Intelligence and US investment firms Acacia Partners, and the financial creditor are locked in a legal battle over control of the company. NCLAT held that the shareholders cannot be termed as "a person aggrieved" and that it cannot interfere with the insolvency process admitted by the National Company Law Tribunal (NCLT)
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