Setback for Vijay Mallya as court accepts Kingfisher Airlines winding-up petition

In another setback to liqour baron Vijay Mallya, the Karnataka High Court on Friday admitted a winding-up petition filed against Kingfisher Airlines Ltd, seeking liquidation of the carrier. Aerotron, a UK-based aviation services firm, in its petition has said that Mallya’s airline owes it a sum of Rs 37 crore, or $6 million.
Aerotron is among several companies that have filed winding-up petitions in the Karnataka High Court against the airline. The airline, which has been grounded for more than a year, in a submission to the court has estimated its assets to be worth a little less than Rs 612 crore including the Mumbai headquarters.
The court has also continued the stay order against State Bank of India taking possession of the company headquarters, the Kingfisher House, giving the airline a few more weeks in it attempts to revive the carrier. The court has reserved its judgment on the petition for another day.
Read News In full 07/12/13 Financial Express