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.
The airline owed Aerotron about million, he added.
Emails sent to a spokesperson for Kingfisher Airlines and Aerotron's London office didn't elicit any response.
A filing could happen within the coming days and will probably result in liquidation, said the people, who asked not to be identified because the process isn't public.
The company was engaged in exploring for, acquiring, and developing oil and gas fields. The company owned oil fields in the United States, Canada, and Australia.The arbitrator accepted the entire claim of the Appellant, and accordingly awarded liquidated damages to the Appellant, which subsequently became the subject matter of the challenge before the High Court.The Single Judge set aside the arbitral award on the ground that the arbitrator had not considered the provisions of the contract before awarding liquidated damages.Recently, the State Bank of India wrote off Rs 7000 crore in loans including that of Mallya-promoted Kingfisher Airlines.The Union finance minister had to clarify later that this wasn't a loan waiver and that the banks are determined to recover loans from the errant borrowers and that the liability on the borrowers still remain.(“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.