cyrilroy21
14th Sep 2013, 00:40
BANGALORE, SEPT. 13:
Kingfisher Airlines Ltd on Friday told the Karnataka High Court that a scheme is being worked out to revive the airline by finding investors. The company, however, did not elaborate on its scheme in open Court, but produced documents in a sealed envelope for the perusal of the judge to demonstrate the bona fides of its revival plan.
This submissions were made during the hearing of a batch of petitions filed by some of its creditors, who are seeking to wind up the airline to encash money due to them by selling its assets, and some applications filed by the airline’s former and current employees and pilots.
Senior Counsel K.G. Raghavan, appearing for the company , told the Court that the company is finding some investors to revive its operations and details in this regard would submitted to the Court within four weeks. He said the company would be in a position to pay dues to its creditors and others once the revival plan materialises.
A few advocates representing the employees indicated to the Court that they had gone without salaries for more than a year.
“You may get good news. You have waited so long, wait for some more time…”, remarked Justice S. Abdul Nazeer while adjourning the hearing by four weeks .
(This article was published on September 13, 2013)
Kingfisher submits revival plan | Business Line (http://www.thehindubusinessline.com/industry-and-economy/logistics/kingfisher-submits-revival-plan/article5125171.ece?ref=wl_industry-and-economy)
Kingfisher Airlines Ltd on Friday told the Karnataka High Court that a scheme is being worked out to revive the airline by finding investors. The company, however, did not elaborate on its scheme in open Court, but produced documents in a sealed envelope for the perusal of the judge to demonstrate the bona fides of its revival plan.
This submissions were made during the hearing of a batch of petitions filed by some of its creditors, who are seeking to wind up the airline to encash money due to them by selling its assets, and some applications filed by the airline’s former and current employees and pilots.
Senior Counsel K.G. Raghavan, appearing for the company , told the Court that the company is finding some investors to revive its operations and details in this regard would submitted to the Court within four weeks. He said the company would be in a position to pay dues to its creditors and others once the revival plan materialises.
A few advocates representing the employees indicated to the Court that they had gone without salaries for more than a year.
“You may get good news. You have waited so long, wait for some more time…”, remarked Justice S. Abdul Nazeer while adjourning the hearing by four weeks .
(This article was published on September 13, 2013)
Kingfisher submits revival plan | Business Line (http://www.thehindubusinessline.com/industry-and-economy/logistics/kingfisher-submits-revival-plan/article5125171.ece?ref=wl_industry-and-economy)