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Kingfisher says to appeal winding-up plea by creditor
February 3, 2014 / 5:38 AM / in 4 years

Kingfisher says to appeal winding-up plea by creditor

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

A Kingfisher Airlines aircraft is seen parked at the airport in New Delhi May 30, 2013. REUTERS/Anindito Mukherjee/Files

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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