Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
SBI had moved the Debt Recovery Tribunal because Mallya owes over Rs 7,200 crore to a consortium of banks led by State Bank of India
Kingfisher Airlines and Jet Airways on Thursday cancelled their flights to London while Air India postponed its services to Toronto and London, which were to take off tonight as airspace was closed over several North European airports due to drifting ash from a volcano in Iceland.
Jet Aiways had almost signed the deal with Etihad when the new leaked and the stock price of the former shot up, causing the Abu Dhabi carrier to reconsider.
The 17-lender consortium led by State Bank of India has also put the Flying Models, Funliner, Fly Kingfisher and Flying Bird Device on the block.
The high court permitted Mallya to appeal on only one limited ground to be able to address the admissibility of some evidence and interpretations made by the lower court.
A forensic audit has found possible 'irregularities and mismanagement' in advances and investments made by Mangalore Chemicals and Fertilizers to his other group companies.
The Directorate General of Civil Aviation (DGCA) has recommended giving financial autonomy to Air India Charters Ltd (AICL), the company which runs Air India Express, the low-cost brand of Air India operating in the international sector.
The employees gathered at terminal-1B and chanted slogans against the airlines' chief Naresh Goyal and Vijay Mallya, the chairman of Kingfisher Airlines. They also vented their ire against the government for not taking any action against the Jet Airways for sacking nearly 1,900 of its employees, mostly probationers and trainees.
A series of failed loan recast programmes continues to haunt banks.
Budget expectations aviation sector.
Liquor baron Vijay Mallya, facing probe in a loan default case of IDBI bank, apparently managed to leave the country in spite of a look-out notice against him by CBI.
Kingfisher Airlines, National Aviation Company of India Limited -- the state-owned company that runs Air India -- and Indigo could face additional cost pressures, with reinsurance rates expected to harden following the accident involving the Air France aircraft that was flying from Rio de Janeiro to Paris with 228 passengers on board.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
Given that debt is a major problem for most airlines, investors with a medium-term horizon should look at them.
Pilot DD Gandhi, who flew the Kingfisher aircraft from Mumbai's Chhatrapati Shivaji International Airport, circled thrice over the Shamshabad airport before touching the South Asia's longest runway (4,260 metres) amidst applause from the 50-odd passengers, mostly journalists besides guests and officials of the GMR group.
Domestic passenger traffic fell 15.7 per cent in October.
DIAL has filed four cases against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
Rating agencies on Wednesday warned against more exposure to debt-ridden Kingfisher Airlines, saying more debt may hit banks' credit profiles and add to the burden of provisions.
Life of air passengers was different in the 1970s.
Such classfication brings with a high cost, including closing of formal credit channels, and likely criminal proceedings.
Though FDI is allowed in the sector, foreign carriers cannot acquire stakes in Indian airlines.
Their success formula was to enter the business at the right time and exit at the opportune moment.
The recent spate of technical glitches in aircraft has prompted the Directorate General of Civil Aviation (DGCA) to issue an order on July 18, making aircraft maintenance engineers (AMEs) with category B1/B2 licences the final authorities in certifying planes. This has put the spotlight on the availability of such personnel. According to the order, airlines were resorting to frequent one-off authorisation by the Category A certifying staff at transit stations, which is not in line with existing regulatory provisions.
Low cost carriers have 55 per cent of the market, up from 45 per cent in Q1 last year, and 30 per cent two years back. Does it mean India really is an LCC market? The performance of the airlines also seem to suggest that. While budget carrier Spicejet announced a small profit for Q1, all the big boys in the industry seem to be in trouble.
Most major carriers -- barring Deccan (which has a August-September financial year) and Kingfisher airlines -- do not agree on the figure. Hitesh Patel, executive vice-president, Kingfisher, said, "We have not yet decided on our increments but will follow the industry benchmarks."
To add aircraft, more services this year, even as full-service airlines hold their expansion plans.
From a surge in airfares to rattled aircraft lessors to thousands of employees staring at uncertainty, it has been a month of continued turbulence since cash-strapped Go First suspended flights from May 3. As the government and other stakeholders hope that Go First restarts operations at the earliest, plans are being worked out for the budget airline's revival. A section of Go First staff are optimistic about restarting of operations, another section are pessimistic about the airline's future course considering what had happened to erstwhile Kingfisher Airlines and Jet Airways, according to employees who spoke to PTI.
Among the country's three listed airlines also, Kingfisher chief executive officer Sanjay Agarwal's pay package was the second highest in the last fiscal ended March 31, 2012, as per the remuneration details provided in their annual reports.
The first signs of the move will be evident when both the airlines announce their summer schedules in March after receiving the approval of the Directorate General of Civil Aviation. Deccan is likely to bring down and withdraw frequencies between Mumbai-Delhi in the schedule.
"This is the best time that Indian aviation is seeing and the next six months will be critical. The airlines should monetise this growth without getting into unnecessary capacity addition," said Nikhil Vora, managing director, IDFC-SSKI, a financial services group.
Air India, Jet Airways and Kingfisher Airlines have decided to stop the low-fare advance purchase schemes, saying the airfares would now be decided by the market. Some no-frill carriers will follow suit over the next few days. However, regular fares and the fuel surcharge are not being touched. Industry sources said the decision to withdraw lower-level fares was taken as these did not stimulate demand and also in anticipation of a spurt in demand for summer holiday travel.
The banks have asked the court to demand his return and to impound his passport.
Jet, Kingfisher rebuff Praful Patel, budget carriers reduce fares. As of now, though, the two private airlines remain steadfast in their refusal to cut fares even as Patel's pleas acquire a hint of aggression.
The passengers, who reached Delhi by Kingfisher Airlines, missed their connecting flight as the flight from Srinagar was delayed. Officials of the airlines allegedly did not make alternative arrangements for their stay nor did they help them to catch another flight to Chennai.
With the London airport opening up after wide-spread flight disruptions caused by volcanic ash from Iceland, Air India and Jet Airways on Wednesday readied themselves to resume operation to the UK.
In the 25-page defence evidence affidavit, which was served to the UK Crown Prosecution Service, Mallya is learnt to have alleged that his was a case of "political vendetta" and "loss-making business".
Also lining-up for the September 24-30 ATP event are Marcos Baghdatis and Richard Gasquet.
Career opportunity with Kingfisher Airlines as flight attendants or in-flight managers for positions across Mumbai, Delhi, Bangalore, Kolkata, Hyderabad and Chennai.
