Kingfisher Employees to Move Court Seeking Shutdown

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By Sree Vazhakode | January 10, 2013 1:19 AM EST

The employees of the grounded Kingfisher Airlines on Wednesday decided to move court seeking a formal closure of the company if it didn't give a time frame to pay salary dues and share the revival plan, airline sources told PTI.

Miffed by the management's inability to come up with a feasible revival plan Employees decided to seek the intervention of the President and the Prime Minister.

"We demand that the management should share the revival plan with us. We also want it to spell out a payment schedule for our salary dues. If we don't find their explanation satisfactory, we will file a winding up petition in the court under section 433 of the Companies Act," the sources said.

The employees have decided to write to the Kingfisher Management asking them to sell the company's assets and pay the salary dues for past eight months.    

Kingfisher Airlines lost its flying license on Dec 31, as the airline failed to submit a satisfactory revival plan to DGCA.

Both the DGCA and the Civil Aviation Ministry had earlier announced that Kingfisher would not be allowed to fly until it came up with a workable plan to revive the air carrier.

The Vijay Mallya-controlled airlines had all its flights grounded since Oct 1 as it doesn't have resources to keep it operational. Kingfisher has never made a profit since its inception in 2005, and it has a total debt burden of over Rs 80 billion.

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