Bar&Bench News Network
Kingfisher Airlines, which has been fighting its debt account on several fronts, was today ordered to deposit Rs. 3.6 crores ($774,027) with the Bombay High Court towards repayment of dues to Lufthansa Technik. Lufthansa Technik, the engineering arm of the German airline, had filed a petition in the Bombay High Court earlier this month alleging that Kingfisher had defaulted on maintenance payments on their aircrafts. The amount deposited will cover the dues for the month of July, August and September.
Mahernosh Humranwala of Dua Associates' Mumbai office is instructing Senior Counsel F Devitre for Lufthansa Technik. Kingfisher is being represented before the High Court by Senior Counsel S.H. Doctor, who is being briefed by Bachubhai Munim & Co, Kingfisher's standing counsel in Bombay. The firm is also advising Kingfisher in the arbitration petition filed by the Bharat Petroleum Corp Limited (BPCL) in the Bombay High Court. BPCL, represented by Udwadia and Udeshi, has also filed a winding up petition against Kingfisher in the Karnataka High Court. Holla & Holla are acting for Kingfisher in the Karnataka HC.
Lufthansa Technik has also filed another petition against Kingfisher in the Delhi High Court, which is due for hearing on October 29. Sources say that the petition was filed seeking payment of Rs. 17.7 crores ($3 million) against components used by Kingfisher after breaching a timely payment clause. Lufthansa is being represented in the Delhi HC by Senior Counsels Mukul Rohatgi and N.K. Kaul, briefed by Dua Associates, while Kingfisher has retained Khaitan & Co., who are instructing Senior Counsel Rajiv Nayyar.
The Bombay High Court has adjourned to matter to November 6.
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- 1. "What you mean is "Kingfisher is beseiged by CREDITORS" (and not debtors)!!! ". VJ, Bangalore
- 2. "Thanks VJ. Apologies for the mistake. Have made the corrections.". Editor, Bangalore
- 3. "How come Mallya is able to run formula 1 team which costs millions when he cant pay fuel bill or maintenance bill. Cant SEBI investigate this issue". Mallya, Bangalore
- 4. "Thanks, Ed :-) Mallya......he pays for F1 from his personal funds...not from Kingfisher Airlines.". VJ, India
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The Viewpoint: Indemnification Provisions - Is the fight on the indemnity clause worth the effort?
May 17, 2012 | Bar & Bench brings to you the twentieth article on 'The Viewpoint' series with its Knowledge Partner AZB & Partners. AZB Senior Associate Nandish Vyas and Associate Pranati Ishwar in this article seek to examine the context in which indemnification rights are relevant for acquisition transactions, and also seek to explore if there are areas where they are potentially not worth the comments (4)
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