Companies

Court begins hearings on pleas to wind up Kingfisher Airlines, UB

Krishnaprasad Bengaluru | Updated on January 20, 2018




The Karnataka High Court on Friday began final hearing on the petitions filed by secured and unsecured creditors of Kingfisher Airlines Ltd (KFL) seeking winding up of KFL as well as businessman Vijay Mallya-led UB (Holdings) Ltd, which is the promoter of the KFL.

Justice Aravind Kumar, who heard the arguments of counsel representing BNP Paribas, a French Bank, which is seeking winding up of the UBHL to recover crores due to it for financing KAL to purchase three aircraft, adjourned further hearing to March 24.

Meanwhile, the counsel representing consortium of banks led by the State Bank of India requested the judge to post the pleas regularly for hearing as the court has been hearing petitions related to company matters only on Fridays.

However, counsel representing KFL and UBHL said that there are enough interim orders in favour of litigant-creditors passed by various courts and tribunals, while pointing out that he required sufficient time to put forth his arguments.

This was after the judge wanted to know from the counsel representing different parties the time that they may take for their arguments. Finally, the Court said that it would list the pleas for further hearing on March 24 and would decide further course, including on deciding about regular hearing of the pleas. While majority of the pleas were for winding up of both KFL and UBHL, a few pleas were filed in support of these two companies.

Published on March 18, 2016

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