Russian defence aerospace major Sukhoi is close to bagging its first civilian Indian client with its regional 60- to 90-seater jet Sukhoi Superjet 100.
Confirming the sale, senior executives of public-sector banks said there was no court directive yet to stop selling shares.
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
Second deal in 4 months after tie-up with RIL for cargo airlines.
Shares of State Bank of India plunged sharply by over 8 per cent on Wednesday, on concerns about its exposure to Kingfisher Airlines and reports about public sector lender giving fresh loans to the debt-ridden carrier.
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.
Says market share will further increase after induction of Boeing 787 Dreamliners and flights to new destinations.
Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
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.
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.
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.
A series of failed loan recast programmes continues to haunt banks.
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.
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.
The aircraft that took off from Kathmandu at 10:30 am crashed into the Seti river gorge, killing all four crew members and 68 passengers. One person on board the aircraft is still missing.
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.
Domestic passenger traffic fell 15.7 per cent in October.
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.
Given that debt is a major problem for most airlines, investors with a medium-term horizon should look at them.
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.
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.
Life of air passengers was different in the 1970s.
DIAL has filed four cases against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
Their success formula was to enter the business at the right time and exit at the opportune moment.
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.
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 Supreme Court on Friday dismissed a plea by beleaguered businessman Vijay Mallya challenging the proceedings in a Mumbai court to declare him a fugitive economic offender and confiscate his properties. The apex court dismissed the petition for non-prosecution after the counsel representing Mallya submitted that he was not getting any instructions from the petitioner in the matter. "The counsel for petitioner states that the petitioner is not giving any instructions to the advocate for the petitioner.
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.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
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".
To add aircraft, more services this year, even as full-service airlines hold their expansion plans.
A consortium of banks led by SBI had alleged that Mallya concealed the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in flagrant violation of the orders passed by the Karnataka HC.
The banks have asked the court to demand his return and to impound his passport.
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."
"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.
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.
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