Kingfisher Airlines Crisis

Businessman Vijay Mallya bought properties worth Rs 330 crore in England and France during 2015-16 even as his Kingfisher Airlines was facing a cash crunch at that time and banks had not recovered the loans defaulted by the liquor baron.

Vijay Mallya's extradition trial is set to hear more expert witness statements today as the fugitive liquor tycoon's defence seeks to establish that there are no grounds to force him to return to India to face allegations of fraud over his now-defunct Kingfisher Airlines.

Defunct Kingfisher Airlines owes the Airport Authority of India (AAI) Rs 294.57 crore and three cases in the court have already been initiated in this regard, government said today.

In an apparent dig at Kingfisher crisis, Chief Economic Adviser Arvind Subramanian on Tuesday said this was a crisis where owners of some "Woodpecker Airlines" also made intoxicants at "Eagle Breweries" but did not pay for the mistakes they committed.

SpiceJet shares got a big boost last month when billionaire investor Rakesh Jhunjhunwala, who has been constantly accumulating shares in the carrier, bought 7.5 million shares (or 1.40 per cent stake) on November 28. SpiceJet surged 38 per cent in just two trading sessions, nearing a 52-week high, post Mr Jhunjhunwala's share purchase.

Kingfisher has not flown since October 2012 for want of cash, and owes about $1 billion (or nearly Rs 6,000 crore) to banks, and more to airports and the tax office.

The aircraft (7 ATRs and 7 Air Bus 320) were grounded in various airports of Delhi, Chennai, Bengaluru and Kolkata due to operational problems and subsequent financial crisis faced by the airlines.

In what could be fresh trouble for beleaguered Kingfisher Airlines, Kolkata-based United Bank of India has filed a winding up petition in the Karnataka High Court against the Vijay Mallya-led UB Holdings, sources told NDTV Profit.

Facing acute financial crisis due to non-payment of salaries for the past 10 months, employees of Kingfisher Airlines are meeting today to protest against the "total neglect and ignorance" by the company as well as the government and to decide on a course of action in the future.

Kingfisher Airlines Chairman Vijay Mallya today said he was never out of reach of his striking employees during the 26-day impasse over non-payment of salaries since March this year and had played an active part in the wage settlement.

The crisis in Kingfisher Airlines following a 23-day lockout is likely to prolong with a large section of employees today sticking to its refusal of the management's offer on payment of salary dues even as its owner Vijay Mallya said he was not an "absconder".

There was no sign of an end to the 24-day-old impasse in Kingfisher Airlines with the striking employees today rejecting a fresh offer of staggered payment of three months' salary dues and insisting on lumpsum amount.

Lenders to Kingfisher Airlines, which probably stand to lose more from DGCAs suspension of the airlines license than the company itself, are concerned about todays development, but insist that sale of Kingfishers assets to recover their loans remains the last option.

Kingfisher Airlines plunged further into crisis today after aviation regulator DGCA suspended its flying licence for failing to come up with a viable financial revival plan. The regulator had slapped a show cause notice on October 5, asking the airline why its licence should not be cancelled or suspended for failing to provide an efficient and reli...

Aviation regulator Directorate General of Civil Aviation (DGCA) has suspended the flying licence of Kingfisher Airlines for failing to come up with a viable financial revival plan. The Vijay Mallya-promoted airline, which has not operated a single flight since October 1, had been asked to explain by today why its licence should not be suspended or ...

Businessman Vijay Mallya bought properties worth Rs 330 crore in England and France during 2015-16 even as his Kingfisher Airlines was facing a cash crunch at that time and banks had not recovered the loans defaulted by the liquor baron.

Vijay Mallya's extradition trial is set to hear more expert witness statements today as the fugitive liquor tycoon's defence seeks to establish that there are no grounds to force him to return to India to face allegations of fraud over his now-defunct Kingfisher Airlines.

Defunct Kingfisher Airlines owes the Airport Authority of India (AAI) Rs 294.57 crore and three cases in the court have already been initiated in this regard, government said today.

In an apparent dig at Kingfisher crisis, Chief Economic Adviser Arvind Subramanian on Tuesday said this was a crisis where owners of some "Woodpecker Airlines" also made intoxicants at "Eagle Breweries" but did not pay for the mistakes they committed.

SpiceJet shares got a big boost last month when billionaire investor Rakesh Jhunjhunwala, who has been constantly accumulating shares in the carrier, bought 7.5 million shares (or 1.40 per cent stake) on November 28. SpiceJet surged 38 per cent in just two trading sessions, nearing a 52-week high, post Mr Jhunjhunwala's share purchase.

Kingfisher has not flown since October 2012 for want of cash, and owes about $1 billion (or nearly Rs 6,000 crore) to banks, and more to airports and the tax office.

The aircraft (7 ATRs and 7 Air Bus 320) were grounded in various airports of Delhi, Chennai, Bengaluru and Kolkata due to operational problems and subsequent financial crisis faced by the airlines.

In what could be fresh trouble for beleaguered Kingfisher Airlines, Kolkata-based United Bank of India has filed a winding up petition in the Karnataka High Court against the Vijay Mallya-led UB Holdings, sources told NDTV Profit.

Facing acute financial crisis due to non-payment of salaries for the past 10 months, employees of Kingfisher Airlines are meeting today to protest against the "total neglect and ignorance" by the company as well as the government and to decide on a course of action in the future.

Kingfisher Airlines Chairman Vijay Mallya today said he was never out of reach of his striking employees during the 26-day impasse over non-payment of salaries since March this year and had played an active part in the wage settlement.

The crisis in Kingfisher Airlines following a 23-day lockout is likely to prolong with a large section of employees today sticking to its refusal of the management's offer on payment of salary dues even as its owner Vijay Mallya said he was not an "absconder".

There was no sign of an end to the 24-day-old impasse in Kingfisher Airlines with the striking employees today rejecting a fresh offer of staggered payment of three months' salary dues and insisting on lumpsum amount.

Lenders to Kingfisher Airlines, which probably stand to lose more from DGCAs suspension of the airlines license than the company itself, are concerned about todays development, but insist that sale of Kingfishers assets to recover their loans remains the last option.

Kingfisher Airlines plunged further into crisis today after aviation regulator DGCA suspended its flying licence for failing to come up with a viable financial revival plan. The regulator had slapped a show cause notice on October 5, asking the airline why its licence should not be cancelled or suspended for failing to provide an efficient and reli...

Aviation regulator Directorate General of Civil Aviation (DGCA) has suspended the flying licence of Kingfisher Airlines for failing to come up with a viable financial revival plan. The Vijay Mallya-promoted airline, which has not operated a single flight since October 1, had been asked to explain by today why its licence should not be suspended or ...