Karnataka High Court Orders Winding Up Of Kingfisher Airlines
Bengaluru: In yet another jolt to beleaguered liquor baron Vijay Mallya, the Karnataka High Court on Friday ordered winding up of his now-defunct Kingfisher Airlines Limited for non-payment of dues to a UK-based firm.
Pronouncing the judgement, Justice V Kothari observed that since KFA did not pay up dues to Aerotron, the court was ordering winding up of the airline company.
"Admittedly the said amount has not been paid within the time provided in the agreement between the contending parties or even thereafter. Thus, satisfied that KFA was unable to pay its debts, the court orders the winding up of the airline company," Justice Kothari said.
As much as Rs 35 crore was due to be paid by KFA to Aerotron, for which an agreement was entered into between the two companies on February 24, 2012, whereby KFA had acknowledged its liability to pay the outstanding amounts in instalments spread over several months between March and October, 2012.
Justice Kothari observed that the balance sheet of KFA also throws light on health of the company.
British firm Aerotron is an unsecured creditor and  supplier of aircraft parts.
The operating permit of KFA, promoted by Mallya, was suspended in October 2012 by aviation regulator Directorate General of Civil Aviation after the airline's employees struck work.
The licence has since expired.
KFA was never in the profit since its inception in 2005.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
