MUMBAI: The Bangalore High Court on Friday ordered the winding up of bankrupt billionaire Vijay Mallya's defunct carrier Kingfisher Airlines, paving the way for an official liquidator to take charge of assets and books of the grounded carrier.Justice Vineet Kothari of Bangalore High Court passed the order on a day when a lawyer representing the airline withdrew from the case, claiming that he had received no instructions from his client to appear on behalf of the airline, said two people who were present at the hearing.It operated a refinery in Texas City, Texas, and sold most of its products in Pennsylvania, Texas, and the American Southwest.The company was formed by businessmen in Charleston, West Virginia.The reasons attributed to the termination were delayed work, non-compliances and defective work.The Appellant claimed liquidated damages as stipulated in the contract.The bankruptcy would deal another blow to the Radio Shack brand, an almost-century-old source of electronics that struggled to compete with online merchants and big-box retailers. Standard General, an investment firm that previously backed American Apparel, didn't have an immediate comment.
Best Buy Co., the largest electronics chain, delivered a disappointing outlook this week, a sign that even the biggest retailers are struggling to adapt.
(“Respondent”), the Bombay High Court (“High Court”) elaborated on the scope and implications of liquidated damages under Section 74 of the Indian Contract Act 1872 (“Contract Act”) and concluded that the actual loss or injury has to be proved for claiming liquidated damages, and such proof may be exempted when it is not possible to do so, provided that such liquidated damages are a genuine pre-estimate of loss.
The Appellant issued a work order on 13 March 2012 but terminated the contract on 27 December 2012, the point at which, the work was 120 days behind schedule.
Plymouth Oil Company initially gained most of its income from Big Lake Oil Company, a Delaware corporation that mined oil in Reagan County, Texas.
Plymouth Oil owned 75 percent of the stock in Big Lake Oil.