The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier but has shares of listed entities like United Spirits as collaterals which should realise Rs 500 crore (Rs 5 billion).
Kingfisher Airlines' schedule was disrupted on Saturday with cancellation of over 30 flights as its pilots struck work to protest non-payment of wages for almost five months.
On April 20, the Special Magistrate Court had convicted Mallya and others, in connection with bouncing of two cheques of Rs 50 lakh each
The government is not considering closure of any airline, new DGCA chief Prashant Sukul said on Thursday while rubbishing reports that his predecessor, E K Bharat Bhushan, was removed for taking a tough stand against Kingfisher Airlines.
I-T dept refuses to unfreeze a/cs; airline curtails operations; SBI, other bank stocks take a knock
As for the crisis emanating from the Kingfisher Airlines' flight cancellations, it is now up to the airline to utilise those measures and come up with resources, he tells Business Standard's Kavita Chowdhury in an interview.
Air services of cash-strapped Kingfisher airlines were badly hit on Sunday with almost half of its flights from major metros cancelled or delayed, causing hardship to passengers and prompting aviation regulator DGCA to contemplate action against the beleaguered carrier.
The Supreme Court on Friday 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.
Unlike private carriers such as Jet Airways and Kingfisher Airlines, Air India has not given any security as insurance against default, the Lok Sabha was informed on Friday.
The Supreme Court on Thursday gave a final opportunity to fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, to appear before it personally or through his lawyer in a contempt case where he has been found guilty. The top court said it has given multiple opportunities to Mallya to appear either personally or through a lawyer and had even given specific directions in its last order dated November 30, 2021. A bench of justices U U Lalit, S Ravindra Bhat and P S Narasimha posted the contempt case for further hearing after two weeks, saying that respondent contemnor (Mallya) is at liberty to act as per direction given in order dated November 30 last year, failing which the matter shall be taken to its "logical conclusion".
The Directorate General of Civil Aviation had suspended Kingfisher's SOP on October 19 till further orders after a lockout and its failure to come up with a viable plan of financial and operational revival.
The services of Kingfisher can be restored only after the DGCA is convinced that the carrier can provide safe and sustainable operations.
Vijay Mallya has applied to Home Secretary Priti Patel for "another route" to be able to stay in the UK, the liquor tycoon's barrister representing him in bankruptcy proceedings in the High Court of London confirmed during a remote hearing on Friday. The 65-year-old businessman, whose legal challenge to the Indian government's extradition request was turned down at the Supreme Court level in the UK last year, remains in Britain on bail until Patel signs off on the order for him to be extradited to India to face charges of fraud and money laundering related to the now-defunct Kingfisher Airlines. The UK Home Office has so far only confirmed on background that a confidential legal process remains ongoing before the extradition order can be executed.
The former liquor baron owes several banks a total of as much as Rs 9,000 crore
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Embattled Force India team boss Vijay Mallya made his Indian Grand Prix entrance in combative mood on Saturday, lashing local media for their coverage of his business troubles and grounded Kingfisher airline.
DGCA chief Arun Mishra said he would talk to the cash-strapped airline's stakeholders to ascertain whether it would be able to operate in a sustainable manner.
Vijay Mallya's nameplate gleamed on the door of his office in the Force India hospitality at the Indian Grand Prix on Thursday while a team sponsor board outside carried the words 'Fly Kingfisher'.
The airline's pilots and engineers at Delhi, Bangalore and Chennai have rejected the three-month salary offer.
The offer was made to the employees representatives, who have been demanding payment of pending salary dues of at least four out of seven months before they resume work, held a meeting with management representatives at the Kingfisher House in Mumbai.
The assets of Kingfisher Airlines' vendors are stuck in the country that can be moved only after spending huge sums of money.
Kingfisher has hastened to point out that a suspension was not a cancellation.
The consortium might get about Rs 1,000.
Satyam Computer, Pyra-mid Saimira, KS Oils and Kingfisher Airlines are among those companies whose shares have fallen like eggs on the floor.
Bankers meet today to decide on asset sale, invoking Mallya's personal guarantees.
A Hyderabd court issued a non-bailable warrant against Kingfisher as well as Mallya on Friday in a cheque bounce case, said a Times Now report.
Maintaining that the management was working to get fresh investment 'in the next few months', the Kingfisher CEO said no potential investor would put money in an airline that was not operational and neither would passengers return till operations commenced.
On October 5, the Directorate General of Civil Aviation, or DGCA, finally wrote to the troubled Kingfisher Airlines, asking it to show cause why its licence should not be revoked.
Last Friday, DGCA issued a show cause notice to the airline why its operating permit should not be suspended.
The airline needs at least Rs 1,000 crore to fly again.
KWAN was in talks with a few clients in luxury and lifestyle space for Mallya junior. "We signed Sidhartha Mallya to exclusively manage and represent brand Sid.
The striking pilots are now planning to move the labour court against the airline for failing to pay their backlog.
Engineers, pilots stay away from work. Minister warns of closure if safety in doubt.
Following the government move to allow FDI policy in the civil aviation sector, Chairman of debt-ridden Kingfisher Airlines Vijay Mallya on Wednesday said the carrier was in talks with foreign airlines.
Must satisfy shareholders on game plan to steer UB Group over next 12 months.
The lawsuits filed for recovering dues of Rs 300 crore from Kingfisher Airlines is exclusive of payments guarantees given by banks.
Kingfisher, which lost its operating licence at the end of 2012 and has not flown since the start of October, is estimated to owe $2.5 billion in debt to banks, staff, vendors and others and is scrabbling to find new investors.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier.
The government has de-frozen the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues.
SBI, along with a few other banks, had given loans to Gopinath for Deccan Cargo, a venture he started in 2009, a few years after he sold Air Deccan to Kingfisher Airlines.
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