The Civil Aviation Authority of Thailand (CAAT) stopped an Asian Air plane from taking off last month after it received an order from the Central Bankruptcy Court.
CAAT acting director Chula Sukmanop said the carrier had unpaid debts and is being sued by its maintenance contractor.
The airline said it was exploring all avenues to 'resume its operations as soon as possible.'
Asian Air co-founder David Srichai-udom told the Bangkok Post it had recently reduced outstanding debt from THB100 million to just THB10 million.
The legal action could take several months before it will be permitted to resume operations, Srichai-udom said.
According to official financial documents, the airline posted losses of THB150.4 million in 2014.
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