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.
Liquor baron Vijay Mallya on Thursday said the acquisition of Air Sahara by Jet Airways was expected and it would not affect his Kingfisher airlines as it was doing "well".\n\n
The inactivity of Go First may help other airlines in India's competitive market as it had a 7.8 per cent market share.
The domestic airlines industry is estimated to have posted losses to the tune of over Rs 10,000 crore (Rs 100 billion) in the previous fiscal, nearly 18 per cent down from a year ago.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
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The ED has registered a money laundering case against Mallya and others based on an FIR registered last year by the CBI.
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
The order brings an end to the nearly three-year legal battle in the Tribunal by the consortium, comprising 17 banks, to recover the money owed to them by the defunct airlines.
According to agency reports, Jet Airways has approached the ministry to acquire six of the vacant slots.
Sources said Mallya has also been asked to furnish documents related to his personal finances
The airline had quit the Mumbai-London route in 2009 because of losses
With the launch of Tata AirAsia and Tata-SIA, the added capacity will bring down fares considerably, say observers.
"India's global image has taken a beating," Mallya said on the social networking platform Twitter.
Sources said a few other lenders were also contemplating a move to declare both Kingfisher Airlines and UBHL wilful defaulters.
IndiGo was the only airline to have reported profits during this period, barring 2011-12 when it made a loss of about Rs 88 crore (Rs 880 million.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
The government is keeping its options open.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Creditors are fighting to get back Rs 600 crore, KFA employees not paid for months.
Vijay Mallya has been burdened for the past three years with debt at United Spirits spiralling and Kingfisher Airlines, well, on a downward spiral.
Mallya offered to pay Rs 4,000 crore (Rs 40 billion) as settlement.
The airline operates flights to eight international destinations: London, Dubai, Colombo, Singapore, Bangkok, Hong Kong, Kathm-andu and Dhaka.
Vijay Mallya's nameplate gleamed on the door of his office in the Force India hospitality at the Indian Grand Prix on Thursday while a team sponsor board outside carried the words 'Fly Kingfisher'.
UB Group Chairman Vijay Mallya has turned down suggestions from banks that he should give a personal guarantee as a precondition for additional funding to the cash-strapped Kingfisher Airlines.
Banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene: Prabhu
Banks put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block
Here's the full text of the statement
The consortium might get about Rs 1,000.
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
Some pilots are already in touch with Gopinath while others are betting on Kingfisher's revival.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
Mallya is at present based in London and extradition proceedings are on to bring him to India as the ED and the CBI are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
In a conversation with Business Standard after an eventful annual general meeting of Kingfisher, he clears the air on many aspects.
The lawsuits filed for recovering dues of Rs 300 crore from Kingfisher Airlines is exclusive of payments guarantees given by banks.
