Kingfisher says to appeal winding-up plea by creditor

Tuesday, 4 February 2014 00:01 - - {{hitsCtrl.values.hits}}

Reuters: Grounded 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.