Sunday, November 20, 2016

End near for Kingfisher Airlines as HC orders winding up

The Karnataka High Court on Friday ordered the winding up of Vijay Mallya's Kingfisher Airlines Ltd (KFA), in a case filed by European aviation firm Aerotron Ltd, and an official liquidator will now take charge of the assets and books of the grounded carrier.

Justice Vineet Kothari of Bangalore High Court passed the order on a day when a lawyer representing the airline withdrew from the case, claiming that he had received no instructions from his client to appear on behalf of the airline, two people who were present at the hearing told The Economic Times.

Justice Kothari asked the official liquidator to take charge of the airline's assets.

Aerotron, an unsecured creditor of the firm, had moved the court in 2014 to recover $6.23 million that was due to it as of 4 July 2012. Aerotron was a supplier of aircraft components to KFA
In October 2012, the Directorate General of Civil Aviation suspended the operating permit of Kingfisher Airlines. The licence has since expired.

According to advocate S S Naganand, who appeared for Aerotron, at least 46 other firms have moved the high court in Bengaluru seeking winding up of Kingfisher Airlines. The airline's pilots also moved a similar petition after not being paid their dues for over two years.
19/11/16 domain-b
To Read the News in full at Source, Click the Headline


Post a Comment