New Delhi: Grounded Kingfisher Airlines submitted a plan to the Director General of Civil Aviation (DGCA) to restart operations, saying its parent group would provide initial funding and asking for its flying licence to be renewed. Kingfisher, controlled by liquor tycoon Vijay Mallya, who also owns UB Group, was forced to halt operations in October, 2012 and owes about $2.5 billion to banks, airports and others, the Centre for Asia Pacific Aviation consultancy estimates. Its flying licences expired at the end of 2012. The company has a two-year window to get them back.
"We have given a complete plan," Sanjay Aggarwal told reporters on Wednesday after a meeting the sector regulator. "We have requested that our licence be renewed," he said, adding the carrier planned to restart operations with seven aircraft, including five Airbus planes, and gradually increase that to 20 within a few months of the restart.
Mallya's UB Group will help with initial funding, Aggarwal said. The Group earlier outlined a Rs 630 crore funding plan for Kingfisher. The aviation regulator rebuffed a previous revival plan by Kingfisher on the grounds that - given its difficulties in paying back its lenders and the salaries of its staff - it might not guarantee a reliable service.
A senior government official with direct knowledge of the matter said on Wednesday UB Group's agreeing to pump money into the airline was a "positive thing" for Kingfisher. "We will have to examine the whole proposal," said the official, who
08:13 AM, Apr 11, 2013
Kingfisher Airlines on Tuesday started remitting two months' salaries to its employees who have not been paid for the last 10 months. ...
09:52 PM, Apr 02, 2013
A group of Kingfisher Airlines workers gathered at the Indira Gandhi International Airport on Tuesday to protest against the non-payment of salaries. The employees have not received their salaries for the past ten months. Last week, Kingfisher chairman Vijay Mallya had given them an assurance that their salaries would be paid. ...
08:20 PM, Apr 02, 2013
Frustrated over not getting salary for last 10 months, Kingfisher Airlines employees on Wednesday asked the government to prosecute promoter Vijay Mallya and threatened to disrupt IPL matches. ...
01:46 AM, Mar 21, 2013
The government said it will give away Kingfisher Airlines' slots and foreign flying rights to other operators in the latest blow to the grounded carrier. Kingfisher, controlled by liquor baron Vijay Mallya, has been halted due to a cash crunch, and lenders are trying to recover $1.4 billion of loans in default. ...
09:49 AM, Feb 26, 2013
Indian travellers consider Wi-Fi, free breakfast and beverages as important amenities while looking for hotel accommodation, be it during leisure or business travel, according to a recent survey. ...
08:20 AM, Feb 21, 2013
Debt-ridden and with no customers, Kingfisher Airlines Ltd posted a Rs 755 crore loss in the three months to December 31 as its planes sat idle, creditors circled and regulators rebuffed the Indian airline's revival plans. ...
11:12 AM, Feb 05, 2013
Kangana Ranaut will be seen wearing a unique necklace in one of the scenes in the movie. ...
12:50 PM, Feb 04, 2013
In more trouble for beleaguered Kingfisher Airlines, Service Tax Department has issued a notice to the carrier, "impounding" all its aircraft, department sources said on Thursday night. According to the notice, the airline cannot fly outside the registered airport premises. ...
11:04 PM, Jan 10, 2013
A consortium of lenders, led by State Bank of India, on Friday opposed ailing Kingfisher Airlines' plan to resume operations and insisted on "better commitments" from the carrier. The meeting between lenders and the KFA management in Bangalore remained inconclusive as the bankers were "not impressed" with the revival plan, sources said. ...
10:25 PM, Jan 04, 2013
In fresh ray of hope for the Kingfisher Airlines, sources in the aviation regulator, the Directorate General of Civil Aviation (DGCA), said that the licence of the cash-strapped carrier would be renewed if its revival plan gets a go-ahead. ...
01:49 PM, Dec 31, 2012
Mumbai: Kingfisher Airlines on Tuesday said it is in discussions with several investors for equity partnership, including Gulf-based Etihad Airways, but denied any deal with any of them, even as it lost seven more aircraft due to non-payment of lease rentals and tax dues. "We would like to clarify that the company is in discussions with various investors, including Etihad Airways, for equity investments," Kingfisher said in a filing to...
06:50 PM, Dec 11, 2012
Mumbai: State Bank of India, the lead banker in the 17-lenders consortium that extended Rs 7,000 crore loans to the now grounded Kingfisher Airlines, on Wednesday said the banks are "trying to do everything to find an amicable solution" to the carrier's financial troubles. The SBI comment comes a week after the expiry of deadline that the lenders had set to the airline management to come up with a revival...
05:23 PM, Dec 05, 2012
Mumbai: Kingfisher Airline employees, who have not received their May salary despite an assurance from the airline management, are likely to chalk out an action plan next week, if they do not receive their dues by November 17. "Diwali has come and gone but we have still not received the salary for the month of May. The management, as usual, has once again backtracked on its commitment and there is...
08:09 PM, Nov 14, 2012
Mumbai: Around 3,000 employees of the near-bankrupt Kingfisher Airlines were left in the dark on Diwali after the management failed to pay their May salary, despite its commitment that their dues will be cleared by the festival. Kingfisher has so far only paid April salary post the calling off of the strike. This too was paid with a delay of a couple of days than the promised date. Kingfisher management...
12:11 PM, Nov 13, 2012
Hyderabad: Aviation regulator DGCA on Thursday said that no timeframe has been set for the debt-ridden Kingfisher Airlines to submit its comprehensive revival plan. Director General of Civil Aviation Arun Mishra said the proposal will be examined in all aspects before taking decision on revoking its license. "They (Kingfisher) said they will submit the revival plan. There is no timeframe for that. Whenever they are ready they can come. We...
06:14 PM, Nov 08, 2012
New Delhi: State Bank of India (SBI), the lead bank to ailing Kingfisher Airlines, on Tuesday cautioned the carrier that it "will not fly" if it fails to bring in fresh capital by November 30. "Banks' consortium has done everything possible to make the company (Kingfisher) work. Only the company is not working... The management has to get capital. We have given time till November 30 that they should get...
07:20 PM, Nov 06, 2012
Mumbai: Employees of Kingfisher Airlines have got the second installment of their salary overdues after the company committed to paying three months pending salaries to employees by Diwali. By assuring employees that the management will pay seven months salary dues by December, the airline has ended the nearly month-long crisis as striking employees have agreed to return to work with immediate effect. However, resumption of Kingfisher Airlines flight operations may...
12:59 PM, Nov 01, 2012
New Delhi: Cash-strapped Kingfisher Airlines employees resumed work on Friday after striking a deal with the management and agreeing to the staggered salary payment schedule proposed by the company. Reports said that many of them have received the salary for the month of March. Meanwhile, Civil Aviation Minister Ajit Singh said that the airline has to satisfy the Directorate General of Civil Aviation (DGCA) and paying salaries is not enough....
12:27 PM, Oct 26, 2012
New Delhi: It has been 25 days of protest, a lockdown and a suspension of licence, for Kingfisher Airlines. Its employees have finally agreed to return to work. The employees who wanted four-month salaries, agreed in the end to the management's proposal of three months' salaries. Employees, who haven't been paid since March, will now get their March salaries by Thursday, April salaries within a week, May salaries before Diwali...
09:15 PM, Oct 25, 2012
