KFA engineers firm on winding up petition, to send legal notice | india | Hindustan Times
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KFA engineers firm on winding up petition, to send legal notice

india Updated: Jan 20, 2013 21:18 IST
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Taking a tough posture against the management, Kingfisher Airlines engineers have decided to go ahead with the winding up petition in the Delhi high court, sources said on Sunday.

The engineers' association which met in New Delhi on Sunday also decided to send a legal notice to the airline management next week.

"We have decided to proceed with the winding-up petition in the Delhi high court as the management is keeping silent on the issues we raised including payment of employees dues and details of recapitalisation plans," an association source told PTI.

The legal notice is likely to be served next week and would be followed by a winding-up petition, he said, adding today's meeting was to discuss the modalities of the legal recourse.

Meanwhile, a section of airline's former pilots have already sent a legal notice to the company seeking salaries within three weeks, failing which they would move ahead with a winding-up petition.

The ex-pilots have also threatened to file criminal proceedings against the airline management for not paying the income deducted from their salaries to the government.

The development comes even as the airline management has been trying to resume operations, as early as next month.

Last week the airline chairman Vijya Mallya had written to the employees that he would restart operations by the end of February with seven planes, even as he is looking for a foreign investor.

At a crucial meeting of the core group lenders in New Delhi on January 18, the bankers said the management failed to come up with any fund infusion plan.

On Saturday, Pratip Chaudhuri, the chairman of SBI, which has the single largest exposure of over Rs. 1,580 crore to the Bangalore-based carrier, said no revival will be possible unless the promoters bring in some Rs. 2,000 crore to the table upfront.

"The company has to bring capital of Rs 2,000 crore minimum, then there can be some possibility for revival... if the company doesn't want to fly, what can banks do?" Chaudhuri said.