Banks can acquire Kingfisher House

 

Bangalore: The High Court of Karnataka has dismissed the petition submitted by Kingfisher Airlines (KFA) challenging the move of the creditor banks to confiscate Kingfisher House in Mumbai. Justice Anand Byra Reddy has dismissed the petition and put an end to the nearly- a-month-old stay in the process.
The banks have earlier filed a petition to wind-up all KFA's properties. This will permit the banks to auction all the properties to meet the outstanding debt of the company. The main question that the court raised on Wednesday was whether the consortium of banks could enforce secured interest by taking possession while at the same time seek winding up of the company to enforce the remaining debt. "The answer to this question is affirmative," the court said in order.
Read news in full 12/12/13 Bangalore Mirror