Kingfisher to Appeal Winding-up Plea by Creditor
February 3, 2014 6:09 PM EST
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.
Kingfisher to appeal winding-up plea by 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.
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