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Kingfisher Airlines GALLERY.
A Kingfisher Airlines aircraft is seen parked at the airport in New Delhi April 19, 2013. Indian airports have claimed international law must take a back seat to local courts in a row with foreign aircraft leasing firms over the future of grounded Kingfisher Airlines jets, according to government minutes seen by Reuters. To match Exclusive INDIA-KINGFISHER/JETS. A Kingfisher Airlines aircraft is s
strongNew Delhi:/strong The lead banker to Kingfisher Airlines, SBI today said it is taking all steps to recover the loan provided to the grounded carrier. We are blazing all guns and taking all steps to recovery (of Kingfisher loans), SBI Chairman Pratip Chaudhuri said here after the meeting of the Finance Minister with the heads of PSU banks and financial institutions. There is a core group. They are assessing what are securities what can be disposed of quickly then they are put on auction... That is how it goes, he said. Earlier in the day, Finance Minister P Chidambaram asked the banks to take firm steps to recover loans saying that the country cannot afford to have affluent promoters and sick companies. [caption id=attachment_665776 align=alignleft width=380 strongNew Delhi:/strong The lead ba
strongNew Delhi:/strong Kingfisher Airlines' chairman Vijay Mallya obviously believes in the 'never say die' principle. His airline has not flown for over five months, lessors are repossessing aircraft, banks are recalling loans, employee salary arrears are mounting but the flamboyant Mallya still talks of resuming flights. In a communication to aviation regulator DGCA, dated March 8, the airline's CEO Sanjay Agarwal has requested that Kingfisher's slots at various airports be retained since the airline will soon apply for a flying permit. The airline's flying permit had lapsed on December 31. [caption id=attachment_656758 align=alignleft width=380 strongNew Delhi:/strong Kingfisher
strongMumbai:/strong Aviation regulator DGCA wants grounded Kingfisher Airlines to clear all dues, including pending salaries of employees, before taking up for consideration its application for renewal of flying licence. The airline (KFA) has been promising to pay salary dues to its employees since the last six months, but has not done so. Moreover, the renewal of Kingfisher Airlines' air operator permit (AOP) is not only linked to the unpaid staff wages, but also to the massive dues towards its vendors and lessors, DGCA sources said here. So we have to take into consideration all these dues before accepting the airline's application for licence renewal, they said, adding the airline needs to come up with a credible revival plan, which should include commitment to clear dues of all stakeholders. [caption id=attachment_654667 align=alignleft width=380 strongMumbai:/strong Aviation regul
strongNew Delhi:/strong The Supreme Court today rejected Kingfisher Airlines' plea against the Karnataka High Court's order directing it to deposit around Rs 185 crore with the Income Tax Department as TDS from its employees' wages. The apex court, which had asked the cash-strapped airlines to deposit the money within four weeks, refused to extend the time limit as sought by the Kingfisher's counsel. The bench headed by Justice R M Lodha rejected the airline's plea to give three more weeks. [caption id=attachment_653673 align=alignleft width=380 strongNew Delhi:/strong The Supreme
strongNew Delhi:/strong Kingfisher Airlines chief Vijay Mallya today met Finance Minister P Chidambaram after which he said he discussed the issue of Rs 800-crore outstanding subsidy for his group company Mangalore Chemicals and Fertilisers. When asked by reporters whether he would like to assure the airline lenders, who had decided to start process to recover over Rs 7,500 crore dues, Why should I give them (lenders) assurances through you (media). [caption id=attachment_649459 align=alignleft width=380 strongNew Delhi:/strong Kingfisher
Indian business tycoon and owner of Kingfisher Airlines Vijay Mallya exits Parliament in New Delhi, India, Wednesday, Feb. 27, 2013. According to local reports the Indian government has cancelled International flying rights and domestic slots of Kingfisher airlines. Indian business tycoon and owner of
A day after the government took away debt-ridden Kingfisher Airlines' international slots, aviation ministry sources said that rival Indigo will benefit the most from this move, reports emCNBC TV18/em's Sumit Jha. Indigo, which plans to import 16 A320s this year, is best suited to fly routes vacated by Kingfisher, sources added. [caption id=attachment_640659 align=alignleft width=380 A day after the government took awa
In this photograph taken on March 20, 2012 a Kingfisher Airlines Airbus A321 aircraft makes its final approach for landing at the Chatrapati Shivaji International Airport in Mumbai. India's government withdrew international flying rights and domestic slots February 25, 2013 from debt-laden Kingfisher Airlines, grounded since last October -- making more seats available for rival carriers. In this photograph taken on March 2
strongMumbai:/strong To accommodate further lending to debt-laden Kingfisher Airlines, its group holding firm United Breweries (Holdings) today said it is hiking its loan limit for the ailing carrier from Rs 300 crore to Rs 750 crore. UB Holdings has sought approval from its shareholders to revise the lending limit for Kingfisher and to authorise its board of directors to take necessary actions in this regard, the company said in a regulatory filing.[caption id=attachment_630056 align=alignleft width=380 strongMumbai:/strong To accommodate
Lenders to Kingfisher Airlines met yesterday to count their losses on the advances to the grounded airline, and according to a a href=http://www.business-standard.com/article/finance/kfa-s-collateral-enough-to-cover-dues-say-banks-113021400064_1.html target=_blankreport/a in the emBusiness Standard/em, found that there is unlikely to be any. According to the report, Shyamal Acharya, SBI Deputy Managing Director, has put the value of the collateral, excluding the brand, around Rs 6,500 crore. The bank consortium's exposure is Rs 7,500 crore, including the unpaid interest. According to various news reports, the tangible collaterals include real estate properties (Chairman Vijay Mallya's Goa villa, the company's office in Mumbai), 2 helicopters. Apart from this, there are corporate guarantees provided by United Breweries Holdings, and United Spirits shares pledged with banks. But how true can Acharya's claim be? Very little. A a href=http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/of-rs-7500-crore-in-default-collateral-pledged-by-kfa-may-fetch-only-rs-1500-crore-for-banks/articleshow/18490560.cms target=_blankreport /ain the emEconomic Times/em says that the 17 banks in the consortium may be able to recover just Rs 1,500 crore and may be forced to write off the remaining. This is a much reliable figure than Acharya's claim. [caption id=attachment_625088 align=alignleft width=380 Lenders to Kingfisher Airlines met
strongMumbai:/strong Auditors of debt-ridden Kingfisher Airlines on Tuesday said that the carrier's third-quarter net loss would have been much higher at Rs 1,090 crore, had it followed generally accepted accounting standards in realisation of aircraft-related costs, taxation and loans. For the third quarter ended December 31, 2012, Kingfisher today reported a net loss of Rs 755.17 crore - a sharp increase of 70 percent from Rs 444.26 crore in the year-ago quarter. The grounded airline did not report any revenue for the quarter, as against Rs 1,367.71 crore in the third quarter of previous fiscal. [caption id=attachment_614562 align=alignleft width=380 strongMumbai:/strong Auditors of de
Debt-ridden and with no customers, Kingfisher Airlines posted a Rs 755 crore s loss in the three months to December 31 as its planes sat idle, creditors circled and regulators rebuffed the airline's revival plans. Kingfisher, which has been stripped of its flying licence, owes an estimated $2.5 billion to banks, staff, airports and oil companies. For the second quarter, the airline announced a record loss of Rs 754 crore, compared with a loss of Rs. 469 crore a year earlier. [caption id=attachment_613827 align=alignleft width=380 Debt-ridden and with no customers,
strongMumbai:/strong Spelling fresh trouble for beleaguered Kingfisher Airlines, state-run Airports Authority of India(AAI) has said it will not go by the empty promises of the airline management and would insist on clearance of its dues before the carrier is allowed to fly again. We will not go by the empty promises of the Kingfisher Airlines management. We want our dues to be paid (before the airline is allowed to take off again), a highly-placed AAI source toldem PTI/em here. [caption id=attachment_604745 align=alignleft width=380 strongMumbai:/strong Spelling fresh
strongBhubaneshwar:/strong Kingfisher Airlines needs to invest at least Rs 2,000 crore to restart its operations, said one of its lender SBI's Chairman Pratip Chaudhuri. SBI is the lead banker in the 17-lender consortium that extended Rs 7,000 crore loans to the now grounded Kingfisher Airlines. The state-run bank has an exposure of Rs 1,500 crore to the carrier. The debt has not been serviced since January, 2012. [caption id=attachment_598165 align=alignleft width=380 strongBhubaneshwar:/strong Kingfish
Kingfisher Airlines needs at least Rs 1,000 crore to restart operations, aviation minister Ajit Singh said today, adding that the airline has still not submitted any concrete funding plans. All stakeholders will have to give no-objection certificates for the carrier to fly again, he said, which includes lenders, vendor, Airport Authority of India and its employees. [caption id=attachment_598025 align=alignleft width=380 Kingfisher Airlines needs at least
Former Kingfisher Airlines pilots have sent a legal notice to the airlines's management seeking compensation for mental harassment and salary dues, and have asked the management to comply within 21 days,according to aem CNBC-TV18/em report. The Mumbai-based pilots also served the airline an ultimatum to clear their dues by January 31 or face another winding-up petition even as the beleagured management appealed to its Delhi-based engineers not to resort to any legal action. The Kingfisher management received the legal notice on 18 January in which it has been charged with cheating for non-payment of salaries. [caption id=attachment_597206 align=alignleft width=380 Former Kingfisher Airlines pilots h
strongMumbai:/strong The meeting between bankers and management of ailing Kingfisher Airlines tomorrow is being considered crucial as it will determine the future course of action by lenders. Tomorrow will really be a challenging day for Vijay Mallya (airline promoter and its Chairman) and bankers to really come to a platform, whether we can sail through the crisis together, Central Bank of India Chairman and Managing Director M V Tanksale said today. [caption id=attachment_592168 align=alignleft width=380 strongMumbai:/strong The meeting be
strongNew Delhi:/strong Vijay Mallya-owned Kingfisher Airlines today approached the Supreme Court challenging the Karnataka High Court's order directing it to deposit around 185 crores with the Income Tax Department as tax deducted at source (TDS) from its employees' wages. A bench headed by Chief Justice Altamas Kabir agreed to hear the case on Monday as senior advocate Mukul Rohatgi mentioned the matter before it. The airline has challenged the 5 December order of the high court directing it to deposit 50 per cent of the Rs 371 crore to IT department. It had also asked the company to furnish bank guarantee for the remaining amount within six weeks. [caption id=attachment_590810 align=alignleft width=380 strongNew Delhi:/strong Vijay Mally
Kingfisher Airlines has been given a no objection certificate from oil companies and some aircraft leasing companies to restart operations, a senior regulatory source told emCNBC-TV18/em today, following which the airline's shares shot up 6 percent. However, the airline has still not obtained a no object certificate from airports, DGCA sources said. [caption id=attachment_590284 align=alignleft width=380 Kingfisher Airlines has been given
strongNew Delhi:/strong The fate of Kingfisher Airlines hangs by a thin thread which could well snap before the week ends, if lenders decide to pull the plug. While this may bring some perverse relief to Chairman Vijay Mallya who seems quite uninterested in running the airline, employees fear a dark future. This prospect of no work and no assurance of getting any salary dues has propelled a handful of senior airline employees in Mumbai to suggest that Mallya allow them to run the company. A senior pilot spoke to emFirstpost/em at length about why employees would be better able to manage a debt-laden airline, infuse much-needed capital into it by roping in large business houses and how the trust factor would return when employees manage the company rather than when people like Mallya do. [caption id=attachment_588881 align=alignleft width=380 strongNew Delhi:/strong The fate of
Just hours after the government expressed dissatisfaction with Kingfisher Airlines' plans to invest Rs 650 crore to resume its operations as it may not guarantee an efficient and reliable service, the service tax department has issued a notice to the carrier, impounding all its aircraft. According to the notice, the airline cannot fly outside the registered airport premises, emCNN IBN/em said today. The grounded airline owes around Rs 190 crore to the authorities, of which Rs 127 crore is under litigation.a href=http://indiatoday.intoday.in/story/service-tax-dept-notices-kingfisher-impounds-all-aircraft-vijay-mallya-writes-to-emplyoees/1/241693.html According to an India Today report,/a tax authorities have confiscated Vijay Mallya's luxury jet due to non-payment of service tax. [caption id=attachment_585036 align=alignleft width=380 Just hours after the government exp
strongMumbai/ New Delhi:/strong Beleaguered Kingfisher Airlines today faced fresh trouble with its employees deciding to move court seeking a formal closure of the company if it did not spell out future plans giving a time-line for clearing their salary dues of eight months. The employees are also learnt to have moved the DGCA, informing the aviation regulator of their plans which also include seeking the intervention of the President and the Prime Minister, airline sources said. [caption id=attachment_582647 align=alignleft width=380 strongMumbai/ New Delhi:/strong Bel
Kingfisher Airlines is fast losing its slots in the Mumbai International Airport (MIAL). In the near future, it is likely that the grounded airline will lose them all. In the latest instance, MIAL has given away to Indigo six of the 11 slots Kingfisher holds in the airport, emCNBC-TV18/em reported quoting sources. [caption id=attachment_581833 align=alignleft width=380 Kingfisher Airlines is fast losing
strongNew Delhi:/strong With uncertainty over the revival of Kingfisher Airlines, Civil Aviation Minister Ajit Singh today said the airline should present a satisfactory operating plan to the DGCA and work on its rescue plans for the sake of its employees, stakeholders and passengers. He also pointed out that the airline has not renewed its licence which expired on 31 December 2012. They don't have a (SOP) licence today, if they decide to operate today then the rule says, they don't have to go through paperwork which a new operator has to. All they have to present a satisfactory operating plan to the Directorate General of Civil Aviation who would ensure financial stability before being allowed to fly, he said.[caption id=attachment_576513 align=alignleft width=380 strongNew Delhi:/strong With uncert
strongNew Delhi:/strong Kingfisher Airlines has been asked by a consumer forum in New Delhi to pay a compensation of Rs 14,000 to a flier for losing his luggage in transit from Srinagar to Delhi. The South West District Consumer Disputes Redressal Forum held that the airlines' failure to recover the baggage was a deficiency in its service.[caption id=attachment_576094 align=alignleft width=380 strongNew Delhi:/strong Kingfisher
strongBy R Jagannathan/strong Kingfisher Airlines' permit to fly expired yesterday as the management failed to come up with a convincing plan to bring in the necessary funds for a viable revival. To be sure, licences can always be renewed. In the Kingfisher case, it has two years in which to seek a renewal, but the spin the management is trying to put on it clearly suggests that it lives in La-La-Land. One wonders why the DGCA even takes the management seriously. [caption id=attachment_574883 align=alignleft width=380 strongBy R Jagannathan/strong King
strongNew Delhi:/strong Kingfisher Airlines said expiration of its operating licenses, set for Monday, was not a cause for concern as the grounded Indian carrier has two years to renew the license and permits required to fly. [caption id=attachment_574555 align=alignleft width=380 strongNew Delhi:/strong Kingfisher
strongMumbai:/strong Shares of Kingfisher Airlines fell by over 2 percent as its flying permit, which has been suspended by aviation regulator DGCA, expires today. After falling over 3 percent during the day, shares of the company finally ended at Rs 14.92, down 2.36 percent from its previous close on the BSE. At NSE, the scrip settled 2.62 per cent lower at Rs 14.85.[caption id=attachment_574280 align=alignleft width=380 strongMumbai:/strong Shares of King
strongNew Delhi:/strong Suspension of flights by crisis- hit Kingfisher Airlines may be a possible reason for soaring airfares, although there is no evidence as yet of any price cartelisation among the carriers, fair trade regulator Competition Commission has said. If there was indeed a cartel, which is formed to make disproportionately high profits, the airlines would not have been making losses. But, the fact is none of them is making profits, so you cannot have a cartel, Competition Commission of India (CCI) Chairman Ashok Chawla said. [caption id=attachment_573769 align=alignleft width=380 strongNew Delhi:/strong Suspension