The services of Kingfisher can be restored only after the DGCA is convinced that the carrier can provide safe and sustainable operations.
Embattled Force India team boss Vijay Mallya made his Indian Grand Prix entrance in combative mood on Saturday, lashing local media for their coverage of his business troubles and grounded Kingfisher airline.
DGCA chief Arun Mishra said he would talk to the cash-strapped airline's stakeholders to ascertain whether it would be able to operate in a sustainable manner.
Vijay Mallya's nameplate gleamed on the door of his office in the Force India hospitality at the Indian Grand Prix on Thursday while a team sponsor board outside carried the words 'Fly Kingfisher'.
The airline's pilots and engineers at Delhi, Bangalore and Chennai have rejected the three-month salary offer.
The offer was made to the employees representatives, who have been demanding payment of pending salary dues of at least four out of seven months before they resume work, held a meeting with management representatives at the Kingfisher House in Mumbai.
The assets of Kingfisher Airlines' vendors are stuck in the country that can be moved only after spending huge sums of money.
Kingfisher has hastened to point out that a suspension was not a cancellation.
Satyam Computer, Pyra-mid Saimira, KS Oils and Kingfisher Airlines are among those companies whose shares have fallen like eggs on the floor.
A Hyderabd court issued a non-bailable warrant against Kingfisher as well as Mallya on Friday in a cheque bounce case, said a Times Now report.
Maintaining that the management was working to get fresh investment 'in the next few months', the Kingfisher CEO said no potential investor would put money in an airline that was not operational and neither would passengers return till operations commenced.
The consortium might get about Rs 1,000.
On October 5, the Directorate General of Civil Aviation, or DGCA, finally wrote to the troubled Kingfisher Airlines, asking it to show cause why its licence should not be revoked.
Last Friday, DGCA issued a show cause notice to the airline why its operating permit should not be suspended.
Bankers meet today to decide on asset sale, invoking Mallya's personal guarantees.
KWAN was in talks with a few clients in luxury and lifestyle space for Mallya junior. "We signed Sidhartha Mallya to exclusively manage and represent brand Sid.
The striking pilots are now planning to move the labour court against the airline for failing to pay their backlog.
Engineers, pilots stay away from work. Minister warns of closure if safety in doubt.
The airline needs at least Rs 1,000 crore to fly again.
Following the government move to allow FDI policy in the civil aviation sector, Chairman of debt-ridden Kingfisher Airlines Vijay Mallya on Wednesday said the carrier was in talks with foreign airlines.
Must satisfy shareholders on game plan to steer UB Group over next 12 months.
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
The government has de-frozen the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues.
On April 20, the Special Magistrate Court had convicted Mallya and others, in connection with bouncing of two cheques of Rs 50 lakh each
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
The lawsuits filed for recovering dues of Rs 300 crore from Kingfisher Airlines is exclusive of payments guarantees given by banks.
Kingfisher, which lost its operating licence at the end of 2012 and has not flown since the start of October, is estimated to owe $2.5 billion in debt to banks, staff, vendors and others and is scrabbling to find new investors.
Malvinder Singh's name is thrown up by rumour mills, after Tata, Reliance & Sahara.
Two of the largest airlines, Jet Airways and Air India, have decided to stop absorbing the surcharge on payments by agents made through credit cards.
The judge, during arguments, said it was "blindingly obvious" that "rules were broken by the bank" and that they had "gone against their own guidelines" in extending a loan to the business tycoon's now defunct Kingfisher Airlines.
The carrier is loaded by debt of as much as Rs 7,000 crore.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier.
SBI, along with a few other banks, had given loans to Gopinath for Deccan Cargo, a venture he started in 2009, a few years after he sold Air Deccan to Kingfisher Airlines.
Says the airline should present satisfactory operating plan to DGCA and work on its rescue plans
Some pilots are already in touch with Gopinath while others are betting on Kingfisher's revival.
Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
The airline operates flights to eight international destinations: London, Dubai, Colombo, Singapore, Bangkok, Hong Kong, Kathm-andu and Dhaka.
"Fresh viability is there for everyone to see. If they [Kingfisher] get more equity, the company is viable," SBI Chairman Pratip Chaudhuri said.
"A section of Mumbai-based pilots have gone on strike due to repeated failure to keep up with the promises (made by the airline management)," airline sources told PTI in Mumbai.
"India's global image has taken a beating," Mallya said on the social networking platform Twitter.
