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High Court orders complete Winding up of Vijay Mallya’s Kingfisher Airlines

November,20,2016:

Kingfisher-Airlines-Company-closed
Kingfisher-Airlines-Company-closed

A UK based company had moved the High Court in 2012 seeking its winding up.

In yet another major blow to liquor baron Vijay Mallya, the High Court of Karnataka on Friday ordered winding up of Kingfisher Airlines Limited (KFL).

High Court was hearing a Petition seeking recovery of US $6 million due to a UK-based company.

Petitioner Company was supplying rotable aircraft components to the illfated airline.

Official Liquidator was also directed to take possession of all the assets of the now defunct airline in terms of the provisions of the Companies Act and the Rules. A report is sought in this regard within four weeks.

The order was passed by Justice Vineet Kothari while allowing a petition filed by Aerotron Ltd, a company based in West Sussex, United Kingdom.

The KFL was supposed to pay US $6,023,724.01 to Aerotron Ltd as on 4.7. 2012 of which US $5,192,483.80 was the principal amount.

The petitioner-company had approached the Court in 2012 seeking winding up of the airline in order to recover the amount due.

As per the petition, KFL had admitted its liability and even singed a settlement agreement to clear all the amount, in monthly instalment basis between March and October 2012. But it even failed to make payment as per the settlement.

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14.6.2016- Special Court declares Vijay Mallya a Proclaimed Offender, deportation to follow

2.5.2016- Vijay Mallya resigns as MP, castigates Parliament: I will not get a fair Trial or Justice

21.4.2016- First conviction recorded against absconding Businessman & MP Vijay Mallya

16.4.2016- Passport suspended, NBW for Arrest in pipe, Long Arms of Law are surely catching up against Vijay Mallya

30.3.2016- Vijay Mallya blinks before Supreme Court: Offer to pay Rs.4,000 Crore by Sept. 2016, but not coming back soon

21.3.2016- Supreme Court rapped Mallya for ‘sheer abuse of law’ & evading Law Enforcement Agencies

12.3.2016- Taking cue from Mallya episode, SEBI now bars willful Loan defaulters from Market & holding post in Listed Companies

10.3.2016- Even as Banks line up at SC for hearing, Kingfisher Mallya does a vanishing act, flees Country

8.3.2016- 17 Banks join hands in knocking Supreme Court door to stop Vijay Mallya from fleeing country

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