Fugitive businessman Vijay Mallya has said that he will pursue relief for the Enforcement Directorate and banks taking more than two times the debt he owed. His remarks came following a statement by Finance Minister Nirmala Sitharaman in Parliament about recovery of over Rs 14,130 crore from his attached assets.
Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
The agency has stated in detail in the charge sheet how funds of about Rs 400 crore were moved abroad in alleged violation of rules.
Confirming the sale, senior executives of public-sector banks said there was no court directive yet to stop selling shares.
Banks put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block
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.
It is understood he is moving court indicating lenders had been rough with him and, hence, caused damage.
South Korea will launch a bid to host the 2023 Asian Cup following China's decision to relinquish its rights to the tournament
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.
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.
The lawsuits filed for recovering dues of Rs 300 crore from Kingfisher Airlines is exclusive of payments guarantees given by banks.
ED is probing Mallya and KFA under anti-money laundering laws in connection with a Rs 900 crore (Rs 9 billion) loan default of IDBI bank
DIAL has filed four cases in June 2012 against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
The airline has not been paying salary to its employees since May last year, while it had started delaying salaries much before the crisis broke out last October.
Some pilots are already in touch with Gopinath while others are betting on Kingfisher's revival.
The defunct Kingfisher Airlines still maintains a big employee roster.
International Lease Finance said on Monday it had removed one of six aircraft stranded in India by the dispute over the suspension of operations at Kingfisher Airlines. This decision comes after the DGCA's meeting with Airports Authority of India and the civil aviation ministry.
As per RBI guidelines, a wilful defaulter tag would be given if it is found that a loan taken is diverted for some other use rather than for which it was availed.
A beleaguered Vijay Mallya may have walked free on bail within hours of his arrest but the event, which he nonchalantly dismissed as "usual Indian media hype", had rival parties claiming credit for it and engaging in recrimination.
He claims that his offer to pay back the debt owed by his now-defunct airline had been rebuffed by the banks and the Indian government.
Beleaguered Kingfisher Airlines on Wednesday faced fresh trouble with its employees deciding to move court seeking a formal closure of the company if it did not spell out future plans giving a time-line for clearing their salary dues of eight months.
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.
Besides non-payment of salaries, Vijay Mallya-owned private carrier, is saddled with huge debt and losses
KFA owes BPCL Rs 220 crore or Rs 2.2 billion (after adjustment of interest).
After oil firms' rebuff over dues, rival Jet refuses to accommodate Kingfisher passengers due to non-payment.
The trademarks/brands on the block include Fly Kingfisher, Flying Models, Funliner, Fly the Good Times, Kingfisher and Flying Bird Device.
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.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
A section of the employees of the grounded Kingfisher Airlines on Thursday went on a hunger strike at the Kingfisher House in Mumbai, demanding immediate payment of salaries, which have been pending since last August.
Kingfisher Airlines said it would "vigorously challenge" the bank's decision.
According to agency reports, Jet Airways has approached the ministry to acquire six of the vacant slots.
Says the airline should present satisfactory operating plan to DGCA and work on its rescue plans
On a day when service tax department detained another Kingfisher plane for default, the second in two days, the airline announced it was in discussions with Abu Dhabi-based Etihad Airways for a stake sale which could revive the troubled airline's fortune.
The Villa, owned by United Breweries Holding, was mortgaged by KFA to SBI-led 17-bank consortium to obtain loans in 2010
Janata Dal-United president Sharad Yadav has demanded that a case under 302 of Indian Penal Code (punishment for murder) should be filed against Vijay Mallya in connection with the suicide case of the wife of a Kingfisher Airlines employee.
North Korea's official KCNA news agency issued a brief report early on Wednesday, saying the qualifier ended in a 0-0 draw after a series of "attacks and counterattacks".
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The airline operates flights to eight international destinations: London, Dubai, Colombo, Singapore, Bangkok, Hong Kong, Kathm-andu and Dhaka.
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