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4 years ago
India's Kingfisher says to appeal winding-up plea by creditor
February 3, 2014 / 5:33 AM / 4 years ago

India's Kingfisher says to appeal winding-up plea by creditor

NEW DELHI, Feb 3 (Reuters) - Grounded Indian carrier Kingfisher Airlines Ltd said on Monday it will appeal against a court order accepting a winding-up petition by a UK-based creditor.

Kingfisher, which has not flown in more than a year for want of cash, said it would appeal against the Karnataka High Court's order admitting the petition by Aerotron Ltd. Kingfisher said Aerotron was an unsecured creditor.

A Kingfisher spokesman declined to comment further.

Kingfisher, controlled by flamboyant liquor baron Vijay Mallya, 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.

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

Kingfisher has said several times in the past that it was trying to arrange funds and revive operations, but has seen little success so far. (Reporting by Devidutta Tripathy; Editing by Prateek Chatterjee)

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