BENGALURU: The High Court on Friday issued directions for winding up of Kingfisher Airlines Ltd (KFL) to pay dues to Aerotron Ltd, a UK-based company. KFL had to pay $6,023,724,01 to Aerotron, as on July 4, 2012, for supply of rotable aircraft components.
Justice Vineet Kothari passed the order after allowing a petition filed by Aerotron Ltd for recovery of dues from KFL.
Indicating that it will release the reasons in detail with regard to the directive, the court ordered the Official Liquidator to submit a report within four weeks after taking possession of KFL’s assets, a defunct company, as per the provisions of the Companies Act.
Aerotron moved the High Court in 2012 seeking directives for winding up of KFL as it had failed to pay the dues despite several communications. As per the settlement agreement signed to clear the amount of $5 million, KFL had promised to repay in monthly installments between March and October 2012, but failed to do so.
The court said it would shortly release details on reasons for ordering the liquidation.
Aerotron was among the several firms that had filed petitions against the airline that has been grounded from last few years.