Kingfisher says will appeal Aerotron's winding-up plea

Says Aerotron was an unsecured creditor

Grounded carrier Kingfisher Airlines Ltd said on Monday 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 liquor baron Vijay Mallya, owes more than $1 billion to state-run lenders, and hundreds of millions of dollars more to airports and the tax office among others.

Since 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.