Sri Lankans were on the edge on Tuesday as they waited whether embattled Gotabaya Rajapaksa will honour his offer to resign as president, amid signs that key members of the erstwhile powerful ruling family were attempting to flee in the face of massive public anger against them for mishandling the economy that has bankrupt the country.
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
The Madras high court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the high court to take over its assets, in a plea filed by a Swiss company over unpaid dues. The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which prayed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the high court as the liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet's assets, properties, stock in trade and books of accounts. The "respondent company (SpiceJet) has miserably failed to satisfy the three pronged test suggested by the Supreme Court in Mathusudan Govardhandas & Co v Madhu Woollen Industries (P) Ltd, and hence had rendered itself liable to be wound up for its inability to pay its debts under Section 433 (e) of the Companies Act 1956," Justice R Subramanian said in his order on Monday and directed the private carrier be wound up and the official liquidator take over its assets.
An overriding ambition to rule the domestic skies prevented Jet Airways from becoming a strong and formidable player in the international market. The Sahara buy added to the complexity of its operations and a dilution of what the airline stood for, says Anjuli Bhargava.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
However, any progress on the deal depends upon Goyal giving up control of the company.
India's Rs 4.5-trillion fast-moving consumer goods (FMCG) sector was one of the first to bounce back from the lockdown induced blues, reporting a year-on-year (YoY) growth in the October-December quarter last year. That said, the overall consumption figures continue to remain depressed. The FMCG market, which includes daily consumables like branded atta, hand sanitizers, edible oils, shampoos, razors, and so on, recorded 7.3 per cent value growth during the period, while the smartphone market grew by 21 per cent.
Airline wants to fly to West Asia, Southeast Asia.
Several videos emerged on social media in which teary-eyed students urged the Indian authorities to make arrangements for their return.
Airfares in Indian market are unsustainable, says a senior Boeing official.
Made from Jatropha crop, the fuel has been developed by the CSIR-Indian Institute of Petroleum, Dehradun.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
Lessor market sources said with the fuel prices remaining high, IndiGo would get better rates for the fuel-efficient A320neos.
After a gap of two months, domestic passenger flight operations resumed on Monday amid reluctance by various states to open up their airports in view of rising cases of the novel coronavirus.
The phased reopening and regulated relaxations of many key industries have paved the way for a slight recovery in hiring activities but hiring is still down by 47 per cent in July 2020 compared to the same month last year.
A total of Rs 30,000 crore was allocated for five years to Air India by the United Progressive Alliance government in its second term.
Talks gain ground of strategic stake sale to foreign investor.
The Jet Airways of old is no more and the industry mourns its demise. Anjuli Bhargava reports.
A source said that the lenders have proposed to change the management of the beleaguered air carrier as they feel it is not possible to run the company with present management.
The next step is the charter, which aims to safeguard consumer rights and address criticism about the government not doing enough for passengers.
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Amadeus Altea Suite, a complete passenger service system, is currently used by more than 120 airlines across the world. Vistara is a 51:49 joint venture between Tata Sons and Singapore Airlines Limited.
Domestic air passenger traffic was back to the growth trajectory in June amid the falling number of COVID-19 cases in the country with around three million passengers flying on local routes in the previous month as against around two million in May, a report said on Tuesday. Though there is some recovery observed in June, stress on demand continues, driven largely by the second wave of the pandemic, limiting travel to only necessary travel, credit rating agency ICRA said in its report. On a sequential basis, domestic passenger traffic was up 41-42 per cent in June over May.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
$3.6 billion worth of aircraft - by today's prices - are lying idle or are in hangers due to poor maintenance and management
If you aren't living under a rock, it would be hard to miss reading or hearing about the Boeing 737 MAX aircraft being grounded by over 50 nations. For those who are in the dark or still confused about the entire episode, here's a simple FAQ on the issue and what's happening around the world.
Tourist arrival growth down to 1.9% over poor marketing and terror threats. Airlines, too, have been forced to reroute following airspace closure. UK and Australia advised their citizens from travelling to Srinagar following the Pulwama attack.
Based on the Skytrax ranking for 2018, IndiGo is number two among the best low-cost carriers in Asia, behind rival AirAsia.
The president, however, implied about declaring a national emergency if the Congress did not approve a funding for the wall by February 15.
'Windows shook and rattled, and the thunderous growl of the engines doused even the sound of our noisy helicopter till such time the plane had lifted itself into the skies and disappeared from view.'
The presence of the private sector at a prestigious military training institution is an important acknowledgement of its growing capabilities in designing and manufacturing cutting edge aerospace and defence equipment, reports Ajai Shukla.
The airline is not convinced that it will have a sizeable passenger traffic to make wide body operations profitable
Employees of some top Indian companies were in for a pleasant surprise when they received a mail from their HR team announcing a hike in salaries and bonuses. Led by IT firms and start-ups, HR managers say that while some have offered cash and stock options, others are in a wait-and-watch mode and add the trend will pick up in other sectors. For example, IT giant Cognizant - which had an attrition rate of 19 per cent in the December quarter - has established a $30-million employee retention fund in order to bring down the high attrition rate.
The US will lift all restrictions for fully vaccinated international travellers, including from India, from November 8 but they will have to show proof of a negative coronavirus test before boarding a flight to the country, the White House has announced.
As of now, Air India serves sandwich (both vegetarian and non-vegetarian) and cake on its flights, which are up to 90 minutes of duration, which will be discontinued from January 1, 2016, replaced with "all vegetarian" hot meal, an airline circular said.
Airline pares capacity on routes like Mumbai-Delhi and Mumbai-Bengaluru on weekends, uses freed up slot at Mumbai to fly Amritsar, Patna, Varanasi
The airline's 100 per cent shareholding in profit-making budget carrier Air India Express as well as 50 per cent shareholding in equal joint venture Air India SATS Airport Services would also be sold.
A senior first officer with Jet Airways shares her plight.
As per the current policy, 100 per cent foreign investment is allowed in scheduled air transport service, domestic scheduled passenger airlines and regional air transport
DGCA was irked by was a video on social media that showed passengers dancing on board a midair flight. The regulator has summoned the airline officials seeking an explanation.
