Kingfisher to appeal winding-up plea by creditor
Feb 03 2014 , New Delhi
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.