Vijay Mallya's high-profile stake sale in United Spirits Ltd (USPL) to Diageo suffered a setback with the Karnataka High Court annulling it in response to a winding-up petition by the creditors of the holding company United Breweries (Holdings) Ltd or UBHL.
The airlines was grounded in October 2012 and its accumulated losses have ballooned to over Rs. 16,000 crore.