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Karnataka High Court admits winding-up petition against Kingfisher Airlines

  •   Sun, Jan 19 2014 08:05:44 AM

Bangalore, Jan 19 (PTI) : A winding-up petition has been admitted in the Karnataka High Court against Vijay Mallya’s grounded carrier Kingfisher Airlines Limited.

Justice Ananda Byrareddy admitted the petition filed by a consortium of banks led by State Bank of India after he determined that the claim of the creditors that the company was commercially insolvent is bonafide and hence unable to pay off its dues.

Kingfisher Airlines has been sued in various courts for non-payment of dues to its creditors. The consortium of 17 banks have claimed an outstanding of over Rs 7,000 crore from the carrier.

KFA has been grounded since October 1 last year.
  

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Comment on this article

  • A. S. Mathew, U.S.A.

    Mon, Jan 20 2014

    Indian corporate laws and its obligation have to revise to make the key players like Mr. Mallya to be personally responsible to a certain degree in the financial ruin of the company. The Banks and Stockholders simply gambled with their money in the dream flying enterprise! From day one, the KF was swimming in red ink, how long it will take to read the red letter writing that the company is going to crash if proper actions are not implemented.
    In five years, the leaking boat was not rowing towards the shore, but to the middle ocean and now gone down.

    DisAgree Agree Reply Report Abuse

  • G R PRABHUJI, BEJAI

    Sun, Jan 19 2014

    I think he might have fed up with this Airlines,other wise it is nothing for him to collect 7000 crore within no time by conducting a Beach party.I believe that he will start resorts in the future.

    DisAgree [1] Agree [16] Reply Report Abuse

  • Flavian, flavy_polly@hotmail.com

    Sun, Jan 19 2014



    Mallya is a mastermind.

    Borrowed funds (Invested) gone with the wind.

    Who is the ultimate looser the Banks & the public ? He is not poor still enjoying the Kingly life.

    DisAgree [1] Agree [19] Reply Report Abuse

  • Santhosh Rego, Uppoor/Dubai

    Sun, Jan 19 2014

    Why Indian Banks delayed filling winding up petition? After all public money is get cheated here.

    DisAgree Agree [10] Reply Report Abuse

  • Jossey Saldanha, Mapusa

    Sun, Jan 19 2014

    I want to buy Kingfisher Calendar ....

    DisAgree [11] Agree [22] Reply Report Abuse

  • Anand, karkala

    Sun, Jan 19 2014


    I would prefer not to buy Kingfisher calendar to avoid taking sleeping pills thereafter...

    DisAgree [6] Agree [5] Reply Report Abuse

  • Joseph, Doha, Qatar

    Sun, Jan 19 2014

    Anand, guess Josey wants the Kingfisher calendar 'cos he wants to ward off bad luck after the Kingfisher name has gone to give sweet pecks on every models in it. In this way he wants to follow Vijay Malya's footsteps.

    DisAgree Agree [5] Reply Report Abuse

  • Anand, karkala

    Sun, Jan 19 2014


    Vijay Mallya is a King even today...

    DisAgree [6] Agree [21] Reply Report Abuse

  • Rudolf, Mumbai

    Sun, Jan 19 2014

    7000 crores public money at stake and it took such a long, long time for 17 banks to get a nod for a winding up petition when he has already reportedly sold his majority stake in his flagship co. to a foreign major!! Jai ho!!

    DisAgree [1] Agree [16] Reply Report Abuse

  • maxy, kinnigoly/mumbai.

    Sun, Jan 19 2014

    Has anybody ever heard a any promoter / entrepreneur going bankrupt in India ? Enterprises go bankrupt, but not promoters.Symbol of positive thinking, but negative acting recipient(buyer) of PH.D. from temple of scholars(university) .Buyer of Rajya Sabha seat.role model for MBA CURRICULUM OF INDIA .WAITING TO BAIL OUT BY CONGRESS GOVT.LUXURIES AVAILED ALONG CALENDAR GIRLS.

    DisAgree Agree [11] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangalore

    Sun, Jan 19 2014

    Banks will not leave Mallya from recovering their dues including by winding-up of the company and recover their dues under various loans availed by the company.Hope the needful being initiated by Mallya to pay the dues and save the company.All the best.Thanq.

    DisAgree [5] Agree [12] Reply Report Abuse


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Title: Karnataka High Court admits winding-up petition against Kingfisher Airlines



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