Government-owned and financially ailing AI has been dropping its economy class fares to the level of low-cost carriers.
To use proceeds from United Spirits stake sale.
Move follows income tax department's decision to lift freeze on some bank accounts
The airline had quit the Mumbai-London route in 2009 because of losses
CJI Lalit concurred with the minority view of Justice S Ravindra Bhat who held the EWS quota as "unconstitutional" for excluding poor among SCs, STs and OBCs.
With no end to the deadlock, a question mark hung over the airline's plans to resume operations from Friday, after a four-day partial lockout and complete suspension of all operations since Monday night.
For almost all the properties owned by Vijay Mallya, the reserve price has been marked down after the earlier attempts failed to attract bidders.
Kingfisher Chief Executive Sanjay Aggarwal met officials at the ministry of civil aviation to discuss the revival plan, which was earlier rejected by the regulator.
Overseas investors, which have been trimming their holdings in Kingfisher Airlines in the past three quarters, have increased their stake marginally in the cash-strapped carrier during the March quarter, according to data available with bourses.
"I just have to ride out the storm," Vijay Mallya said.
Vijay Mallya-owned Kingfisher Airlines on Wednesday approached the Supreme Court challenging the Karnataka High Court's order directing it to deposit around Rs 185 crore (Rs 1.85 billion) with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
Kingfisher chief executive officer Sanjay Agarwal met Director General of Civil Aviation Arun Mishra in New Delhi for 45 minutes to apprise him of the prevailing scenario facing the airline, but sources said he gave no information about any commitment by the airline's parent company, UB Group, on financing the revival plan.
The airline, however, has not secured approval from airports to fly again.
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.
A partial withdrawal of flights by Kingfisher Airlines has led to a more than 100 per cent rise in spot fares on key metro routes.
'It is surprising and unfortunate that unfounded allegations are now being made without any reference to me whatsoever,' Vijay Mallya said.
The beleaguered carrier has submitted a revival plan to DGCA, which has asked for more details regarding how it would fund the plan given the precarious financial situation the company is in.
Vijay Mallya, who had a meeting with the employees including pilots and engineers late on Monday night, had assured them that their dues would be paid in a staggered manner by April 10.
The permit was suspended by DGCA on October 20.
The aviation sector is upbeat, with Jet Airways and SpiceJet recording profits in the quarter ended June and foreign institutional investors (FIIs) increasing their stakes in all the three listed carriers Jet Airways, Kingfisher Airlines and SpiceJet.
Kingfisher is in discussion with various investors, including Etihad, for equity investments in the company, but matters are merely at negotiation stages, it said in a statement to the stock exchange.
In its revival plan submitted to aviation regulator Directorate General of Civil Aviation on Wednesday, the cash-strapped airline is understood to have said that it has requested the Airports Authority of India to allow them to fly on cash-and-carry basis, that is pay for the services as and when the airline avails of them.
The Goa villa, Mumbai office could be put on the block.
The parent company, UB Group, is willing to pump in money.
The company contented before the tribunal that the amount was paid outside India.
Banks have already sold the pledged shares of Mangalore Chemicals and Fertilisers, realising around Rs 100 crore. Mallya and group companies have pledged over 97 per cent of the USL shares with various banks and others, which according to current market prices is worth over Rs 6,500 crore (Rs 65 billion).
Confirming the sale, senior executives of public-sector banks said there was no court directive yet to stop selling shares.
I-T dept refuses to unfreeze a/cs; airline curtails operations; SBI, other bank stocks take a knock
Kingfisher Airlines' schedule was disrupted on Saturday with cancellation of over 30 flights as its pilots struck work to protest non-payment of wages for almost five months.
As for the crisis emanating from the Kingfisher Airlines' flight cancellations, it is now up to the airline to utilise those measures and come up with resources, he tells Business Standard's Kavita Chowdhury in an interview.
The government is not considering closure of any airline, new DGCA chief Prashant Sukul said on Thursday while rubbishing reports that his predecessor, E K Bharat Bhushan, was removed for taking a tough stand against Kingfisher Airlines.
Air services of cash-strapped Kingfisher airlines were badly hit on Sunday with almost half of its flights from major metros cancelled or delayed, causing hardship to passengers and prompting aviation regulator DGCA to contemplate action against the beleaguered carrier.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
The famous tag of "king of good times", used equally for Mallya and his Kingfisher beer, has been punned mercilessly in newspaper headlines to highlight the trouble in his airline.
The government on Thursday said Kingfisher Airlines has not yet given a revival plan to restart operations, even as employees are aggrieved over non-payment of salaries.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier but has shares of listed entities like United Spirits as collaterals which should realise Rs 500 crore (Rs 5 billion).
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The Directorate General of Civil Aviation had suspended Kingfisher's SOP on October 19 till further orders after a lockout and its failure to come up with a viable plan of financial and operational revival.
The Supreme Court on Friday rejected Kingfisher Airlines' plea against the Karnataka High Court's order directing it to deposit around Rs 185 crore with the Income Tax Department as TDS from its employees' wages.
Unlike private carriers such as Jet Airways and Kingfisher Airlines, Air India has not given any security as insurance against default, the Lok Sabha was informed on Friday.
