The Karnataka High Court has rejected a petition by Vijay Mallya-led Kingfisher Airlines Limited challenging the move by a consortium of banks to take possession of its "Kingfisher House" property in Mumbai to realise part of the debts due to them from the airlines.
Kingfisher Airlines flagged off services between Hong Kong and Mumbai with its inaugural flight taking off from Hong Kong's Chek Lap Kok Airport on Wednesday.
Vijay Mallya, chairman and chief executive officer of Kingfisher Airlines Limited was in Washington, DC on Monday to sign a contract worth $300 million with Pratt & Whitney
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The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
DIAL has filed four cases against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
A total of 17 cases have been filed against Kingfisher Airlines in different courts over outstanding amount of Rs 22.5 crore, which it owes to GMR
The ED's fresh chargesheet against Mallya and his firms is likely to pave the way for him to be declared "fugitive" under a new Indian law.
Banks are seeking an order that Mallya should appear in person before the court.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
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