Ernst and Young, advisers to Air Sahara, had valued Air Sahara at between $750 million and $1 billion.
According to sources, the airline has requested the consortium for a working capital support of Rs 200-300 crore (Rs 2-3 billion) and individual banks are expected to take a call on this in the next few days.
The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
The quantum of punishment is expected to be pronounced on May 5 by the court.
The first to take off will be Air Pegasus, promoted by Bengaluru-based ground-handling firm Deccor Aviation.
The consortium led by SBI has also initiated the process of recovery.
Says will allow winding-up petition of aircraft lessors in case it fails to do so.
A key defence to disprove a prima facie case of fraud and misrepresentation on Mallya's part has revolved around the fact that Kingfisher Airlines was the victim of economic misfortune alongside other Indian airlines.
Kingfisher to be lager partner at ICC Champions Trophy to be played in UK.
Two months before its maiden overseas flight was to take off, billionaire Vijay Mallya's Kingfisher Airlines has decided to rethink its whole strategy of flying abroad. "Due to the increase in crude oil prices and no signs of stability in the market, we are re-evaluating all our plans for international operations, keeping in mind costs and route network," Kingfisher Airlines executive vice-president Hitesh Patel said in reply to a questionnaire.
Kingfisher Airlines has reduced its fares on the Mumbai-Bangalore route to Rs 2,999.
Maintaining that civil aviation flew thousands of tonnes of equipment and passengers across the country on a daily basis, he said grant of infrastructure status would help the industry in its dealings with the RBI as well as the commercial banks, both in the private and public sectors. On Kingfisher's global plan, Mallya said the airline would launch services to Hong Kong and Singapore as soon as its aircraft were ready.
The vertical separation between Air India flight IC-941 from Hyderabad to Delhi and Kingfisher Airlines' Delhi-to-Bhubaneshwar flight IT-3345 came down to 700 feet as against the required 1,000 feet when they were manoeuvring over Delhi airspace.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
RTI activist Anil Galgali had asked SBI about the total amount of loans given to the beleaguered businessman.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
Liquor baron Vijay Mallya on Wednesday met Oil Secretary S Sundareshan to discuss defaults by his group firm Kingfisher Airlines on payment of jet fuel bills, but did not say when he will clear the outstanding of Rs 176 crore (Rs 1.76 bilion).
Liquor baron Vijay Mallya, who acquired 26 per cent stake in the country's largest budget carrier, Air Deccan, for Rs 550 crore (Rs 5.5 billion) on May 31, is still in high spirits.
Because of lack of pilots, airlines have been forced to cancel their flights and rework their schedules, constraining cash flows and delaying vendor payments.
Kingfisher Airlines has defaulted on loans of over Rs 9,400 crore obtained from various banks.
Kingfisher Airlines has launched two fixed-price schemes, the King Saver Personal and the King Saver Corporate.
Mallya said he was being advised by lawyer Harish Salve.
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
Airfares may be in for an upswing. Thanks to Vijay Mallya-promoted Kingfisher Airlines acquiring 26 per cent stake in country's largest and first budget carrier Air Deccan.
'I have been most pained at being painted as an absconder'.
This is the third time that the carrier is trimming its workforce. In 2007, the carrier cut staff by1,200 after it took over Air Sahara. In August this year, JetLite offered over 700 employees a voluntary separation scheme. This is the first time that the axe is falling on Jet Airways employees directly.
Kingfisher Airlines chairman Vijay Mallya on Tuesday said budget carrier Air Deccan has applied for permission to fly overseas from next year. "Air Deccan has sought government approval to fly overseas from next year. The company is looking for a licence to start flights to Middle East, South East Asia and the US," he said on the sidelines of the Fortune Global Forum in New Delhi.
United Bank's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion)
The university will house a fully equipped pilot training centre.
The HC also offered a ray of hope to the hundreds of employees of UB-Group owned now-grounded Kingfisher Airlines, who have not been paid monthly salaries for over a year now.
Although industry analysts are welcoming Kingfisher Airlines' stake acquisition in Air Deccan as the right move towards consolidation
This fully double-decker aircraft, which landed at 10.50 am, has a passenger capacity of 850 seats in all economy configurations, but in three classes it has the capacity to carry about 550 passengers.
The matter relates to cheques issued by Kingfisher to GMR Hyderabad International Airport.
Kingfisher Airlines is recruiting Cabin Crew (female).
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
In 2012, Diageo signed a deal to buy stake in USL.
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