BHUBANESWAR: Air Odisha has got into a legal tangle after Khimji KD and Sons Private Limited filed an application with the National Company Law Tribunal, Kolkata for initiating corporate insolvency resolution process against the Bhubaneswar-based aviation firm. “We have approached the National Company Law Tribunal (NCLT), Kolkata, for initiating corporate insolvency resolution process against Air Odisha,” Khimji Jewellers Director Mitesh Khimji said.
The National Company Law Tribunal received the application earlier this month. Air Odisha is charged with issuing additional shares to the tune of `8 lakh in a bid to dilute the stakes of Khimji. Earlier this year, a separate complaint was filed with NCLT by Khimji seeking 40 per cent stake in the aviation company which is operating in Gujarat and Odisha under UDAAN scheme.
Founder of Air Odisha Santosh Pani admitted that two petitions have been filed against the company but said there was no understanding for issuing stakes to Khimji in Air Odisha. “Law will take its own course. I had taken a loan from Khimji and am willing to return it. There was no understanding between us for issuing stakes to Khimji in Air Odisha,” Pani said.