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.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier.
UB Group's Kingfisher Airlines, which is scheduled to launch domestic operations from April next, would sign a deal with European aircraft manufacturer Airbus Industries for supply of 14 aircraft in Mumbai on December 18.
Bankers gave money to Mallya's airline though it was not enough to even service existing debt?
Vijay Mallya, promoter of debt-ridden Kingfisher Airlines, would have his stake falling a little below 50 per cent in the company, if a comprehensive debt restructuring is approved by the shareholders on December 20. On a fully diluted basis, it will drop by little over 16 per cent from the current 66 per cent.
Bankers are working on a formula that would aim to keep the re-payment period and the net present value of the asset specified during the first restructuring intact, by increasing the interest rate.
Troubles never seem to end for Kingfisher Airlines with state-run Airports Authority of India on Tuesday tightening the noose saying it wanted a "firm commitment" from the grounded carrier for clearance of over Rs 390 crore (Rs 3.9 billion) worth of dues before it is allowed to fly again.
Total income plummeted eight times to Rs 200 crore (Rs 2 billion) from Rs 1,552 crore (Rs 15.52 billion).
Sometime in the second half of this year, Vijay Mallya-controlled Kingfisher Airlines will start operating chartered flights with two helicopters in and around Mumbai. Later, it will also press into service a handful of very light jets.
It may hit Kingfisher, Paramount restructuring.
UCO Bank will not allow Kingfisher Airlines to be represented by lawyers in the wilful default case hearing.
KFA owes BPCL Rs 220 crore or Rs 2.2 billion (after adjustment of interest).
The CBI has launched an initial probe over the loan against both companies, a spokeswoman for the agency said on Saturday.
Price has been fixed at Rs 85.3cr
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw issued notice to the airline and the central government seeking their replies within a week on PNB's plea.
Airlines are also said to be cashing in on the Jat agitation which has virtually disconnected Delhi-Lucknow with many trains being cancelled.
Buyer actor-producer Sachiin Joshi, who owns Viiking Media, has reportedly bought the villa, spread over 12,350 sq ft or three acre at Candolim.
There is no denying that the India-US sector is one of the hottest routes for airlines both from India and the United States
The oral proposal to reduce the number of years of domestic flying from five to three years for airlines to qualify for international operations has been given a quiet burial.
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines
Three major domestic carriers -- Air India, Kingfisher Airlines and Jet Airways -- will together require around $10-12 billion (Rs 47,000-Rs 560,000 crore) over the next two-three years to fund their aircraft acquisition plans, an aviation think tank has said.
He was also the chief financial officer of Kingfisher Airlines.
No major price skirmishes expected; Passengers seem to prefer flights with a short stop-over.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
Sources close to the development told PTI that the open offer was expected to be announced next week. The share price for the open offer would be Rs 155 per share, the amount UB Holdings paid for picking up the 26 per cent stake.
Kingfisher Airlines, promoted by Vijay Mallya whose other group entities included United Breweries, owe close to Rs 7,000 crore to 17 banks.
The Villa, owned by United Breweries Holding, was mortgaged by KFA to SBI-led 17-bank consortium to obtain loans in 2010
In fresh trouble for liquor baron Vijay Mallya, United Bank of India has identified United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.
The court had earlier issued non-bailable warrants against Kingfisher Airlines, its chairman Mallya and A Raghunathan, on the ground of dishonouring the two cheques
The order on the quantum of punishment was adjourned for the fourth time.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
The Kingfisher House has a built-up area of over 17,000 sq ft and is located in plush Vile Parle area near domestic airport in Mumbai.
Prospective bidders had earlier termed the reserve price as too high, while multiple legal woes of Mallya-led UB Group are also being cited by many as reasons for lack of interest in buying this property
Domestic airlines will save around Rs 2,500 crore annually if they import aviation turbine fuel directly rather than buy it from state-owned oil marketing companies. This would help them shave off around 14 per cent of their burgeoning fuel bill and cut the industry's projected loss of Rs 8,000 crore for the current financial year by a little less than a third.
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