A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
This is at least the ninth incident of technical malfunction on a SpiceJet aircraft in the last 40 days.
The rupee depreciation will work in favour of students who are currently studying in the US and plan to secure a job that pays in dollars.
Global energy supermajor BP plc on Thursday said it is about to open its first 'Jio-bp' branded petrol pump in partnership with Reliance Industries near Mumbai.
Domestic air passenger traffic remained 44 per cent lower in the April-December 2021 against the corresponding period of FY20, but saw a jump of 52 per cent year-on-year to 111 lakh in December 2021, according to rating agency ICRA. The total domestic passenger traffic had stood at 73 lakh in December 2020, according to a report by the rating agency. It also said that the emergence of new coronavirus variant and reactionary restrictions impacting air travel remain near term-challenges for the airline industry.
Jet Airways Ltd said on Friday it made a profit in the June quarter compared to a loss in the year-ago period, helped by a drop in fuel expenses.
Ten years after Kingfisher Airlines was grounded, its former employees continue to wait for their dues. On Monday, the Supreme Court awarded a four-month sentence to the grounded airline's flamboyant owner Vijay Mallya in a contempt case. The apex court also ordered him to deposit $40 million plus interest in four weeks to avoid attachment of his properties.
There were nearly 4,000 cabin crew with Jet when the airline was grounded; every fifth remains without a job to date. One cabin crew member with 10 years of experience has been forced to take up a teaching job; some have branched out into small businesses. Aviation jobs were scarce even before the Covid-19 pandemic arrived on Indian shores in early 2020. The situation has been exacerbated since.
Minister of State for Civil Aviation V K Singh and around 200 Indians, mainly students, also returned to India on the flight that landed at 6.15 pm, they said.
According to a calculation by the government, India's airlines currently have 633 aircraft of which they may operate only 200.
It would help in saving fuel, reducing CO2 emissions as well as noise levels, according to officials
The GST rate is 5 per cent and 12 per cent on economy and business class tickets, respectively
The company powered its ecoDemonstrator 787 flight test airplane on December 2 with a blend of 15 per cent green diesel and 85 per cent petroleum jet fuel in the left engine.
'Our focus is not going to be metro to metro routes.' 'We will begin by focusing on metro to non-metro (routes).' 'Metro to tier-2 cities or tier-3 cities is where there is a lot of space for affordable, efficient carriers.'
He said the ministry was looking forward to suggestions from the state governments and discussions were underway with all the stakeholders to arrive at a policy which would bring back growth in the aviation sector.
Announcing a Re 1 crop insurance scheme for farmers, the deputy CM said the government will bear the financial burden of Rs 3,312 crore.
Sundays are generally quiet days for air travel, but this Sunday was a tad different. There was quite an excitement at Gate 28 of Mumbai airport's Terminal 1 as Akasa Air, India's newest airline, prepared to take to the skies on Day 1. With a new fuel-efficient Boeing 737 Max aircraft and soft cushioned seats equipped with USB ports, Akasa Air hopes to bring freshness to the flying experience.
With this, the biggest buyer of Airbus SE A320neo planes seems to be moving away from Pratt & Whitney engines, which have been experiencing glitches. CFM International will deliver the first engine by 2020.
The Indian economy requires a Rs 3 lakh crore fiscal stimulus, including cash transfer to households through Jan Dhan accounts to spur economic growth amid the pandemic, industry chamber CII said on Thursday and pitched for appointment of a 'Vaccine Czar' for speedy vaccination coverage. CII president T V Narendran also said the chamber expects GDP to grow at 9.5 per cent in 2021-22 as the strong growth in the second half of the fiscal year will be supported by robust external demand and large-scale coverage of vaccination, allowing resumption of economic activity. He also advocated for appointment of a "Vaccine Czar" for speedy vaccination coverage.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
Rising fuel prices, intense competition and inability to pass on spiralling expenses have been negatively impacting the domestic airlines.
Atique Ahmed is one of the most feared dons of Uttar Pradesh today. There was another don who preceded Atique and had he survived, Atique wouldn't have been around today, recalls Sudhir Bisht.
After the accident on Friday, Virudhunagar MP Manickam Tagore, Ludhiana MP Ravneet Singh Bittu and Thiruvananthapuram MP Shashi Tharoor alleged on Twitter that there were safety lapses on the part of the civil aviation ministry.
According to the package, the dues will be cleared in six monthly instalments by March 2009. Current ATF purchases will get 90 days' credit, supported by bank guarantees. Also, jet fuel price revisions will henceforth happen every fortnight. Praful Patel on Thursday admitted in the Lok Sabha that it may take another two months to make the recently-opened third runway at the Delhi airport fully operational.
'I've always wanted to be a pilot; setting records is the icing on the cake.'
Business opportunity after phased diesel deregulation the main trigger.
Domestic air passenger traffic jumped 57 per cent to around 49 lakh in July, reflecting a significant sequential as well as year-on-year growth amid a decline in coronavirus infections, according to a report. Recording continued recovery, traffic rose 56-57 per cent to 48-49 lakh in July compared to June this year when it was about 31.1 lakh. As against June 2020, the growth is 132 per cent, rating agency Icra said in the report on Thursday.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
The three oil PSUs have told Air India that if it did not make the monthly lump sum payment, they will stop fuel supply from October 11 at six major domestic airports.
The ATC who handled the flights has been told to undergo 'corrective training'.
'Even today, I am like a kid in a candy land -- I look at my airplane with as much excitement as an eight year old.'
The demand for black oils and specialty products like fuel oil, bitumen, petcoke and sulphur has also shown marked improvement, facilitating increase of refineries throughput.
Wide-body aircraft like B747 and A350 have a bigger fuel tank and can therefore travel longer distances in comparison to narrow-body aircraft like B737 and A320. A wide-body aircraft also needs a longer runway length to take off or land. The table top runway 10 of the Kozhikode airport is approximately 2,700 metres long. Wide-body aircraft operations were permitted at this airport from 2019.
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
As part of the exercise, preventive checks at different airport functions have been carried out and the airport has ensured that diesel generator sets are in place to provide uninterrupted power supply, the MIAL said in a release.
The marine version of the French-made Rafale fighter jet has been successfully flight-tested at a shore-based facility in Goa where conditions similar to that on the indigenously-developed aircraft carrier INS Vikrant were simulated, a top diplomat said.
India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at $10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair.
Upbeat high-frequency indicators and consumer confidence show that Indian economy continues to forge ahead, emerging out of shackles of pandemic, said an article on the state of economy published in RBI Bulletin on Wednesday. The recovery is spearheaded by an uptick in private investment through November-December alongside a turnaround in bank credit offtake and high capex from the government sector (Centre and states). In conjunction, the employment situation has brightened, said the article written by RBI officials.
If that happens, Jet Airways will be the first bankrupt airline which will be revived under the Insolvency process.
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