Kingfisher Airlines Ltd To Appeal Against Petition
Grounded Indian carrier Kingfisher Airlines Ltd said 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.