Print   Close

Kingfisher Airlines to appeal UK creditor's winding-up plea

Devidutta Tripathy     February 3, 2014
Grounded carrier Kingfisher Airlines has said it will appeal against a court order accepting a winding-up petition by a UK-based creditor.

In a statement on Monday, Kingfisher said it would appeal against the Karnataka High Court's order admitting the petition by Aerotron Ltd. The airline said Aerotron was an unsecured creditor.

A spokesman of the low-cost airline declined to comment further.

The Vijay Mallya-owned airline has not flown in more than a year for want of cash.

Kingfisher Airlines owes more than $1 billion to Indian state-run lenders, and hundreds of millions of dollars more to airports and the tax office among others.

The airline has said several times in the past that it was trying to arrange funds and revive operations, but has seen little success so far.

India does not have a formal bankruptcy process. Liquidation pleas could take years before a final verdict.

(Reuters)


URL for this article :
https://www.businesstoday.in/sectors/aviation/kingfisher-airlines-appeal-vs-uk-creditor-winding-up-plea/story/202902.html
 
@ Copyright 2018 India Today Group.