Saturday, November 19, 2016

Wind up Vijay Mallya’s Kingfisher Airlines: Karnataka High Court

In yet another jolt to beleaguered liquor baron Vijay Mallya, the Karnataka High Court on Friday ordered winding up of his now-defunct Kingfisher Airlines Limited for non-payment of dues to a UK-based firm. Pronouncing the judgement, Justice V Kothari observed that since KFA did not pay up dues to Aerotron, the court was ordering winding up of the airline company.
“Admittedly the said amount has not been paid within the time provided in the agreement between the contending parties or even thereafter. Thus, satisfied that KFA was unable to  pay its debts, the court orders the winding up of the airline  company,” Justice Kothari said.
As much as Rs 35 crore was due to be paid by KFA to Aerotron, for which an agreement was entered into between the two companies on February 24, 2012, whereby KFA had acknowledged its liability to pay the outstanding amounts in instalments spread over several months between March and October, 2012.
19/11/16 PTI/The Indian Express

0 Comments: