Chennai: Holding that Paramount Airways Private Ltd. has become commercially insolvent as it is unable to pay its dues to five companies, the Madras High Court appointed a provisional liquidator for the ailing airline on Friday.
Naming the Official Liquidator, Madras High Court, as Provisional Liquidator for the company, Justice S. Rajeswaran directed the liquidator to take charge of its assets. The Ex-Directors of the company should file their statement of affairs before the official liquidator within 21 days.
Mr. Justice Rajeswaran passed the order on company petitions by Taj Madras Flight Kitchen Pvt. Ltd., here and four others, seeking the winding up of Paramount and appointment of a liquidator.
19/04/13 The Hindu
