17775

Revival plan before month-end, Mallya tells DGCA

The Kingfisher Airlines promoter will try to announce the name of an investor before the 31 December deadline
Comment E-mail Print Share
First Published: Sat, Dec 08 2012. 12 22 AM IST
Kingfisher Airlines chairman Vijay Mallya. Photo: Mint
Kingfisher Airlines chairman Vijay Mallya. Photo: Mint
Updated: Sat, Dec 08 2012. 12 57 AM IST
New Delhi: Kingfisher Airlines Ltd promoter Vijay Mallya met the aviation regulator on Friday and assured it that the airline plans to submit a revival plan before the end of the month and was in talks with investors, and airport operators and oil companies to which it owes money.
Mallya’s meeting with director general of civil aviation Arun Mishra follows a meeting with aviation secretary K.N. Srivastava two weeks ago.
“We will have to study the revival plan once they submit it, then we will examine and take a final view,” Mishra said, adding the regulator will audit the airline before allowing it to fly.
The directorate general of civil aviation (DGCA) suspended the airline’s licence in October on grounds that it could not provide safe and reliable flights to consumers, after labour unrest and financial troubles.
“It’s a long process,” Mishra said, referring to pilot and plane checks that will be needed before the airline’s suspended licence is reinstated.
A person familiar with the matter said Mallya would try to announce the name of an investor before the 31 December deadline for the expiry of the suspended licence. The person didn’t want to be named.
Lenders led by State Bank of India want Mallya to infuse capital into the airline only after which will they put in their own money. The lenders were expected to hold a key meeting with Kingfisher on 8 December but the meeting has now been postponed to 17 December, the eve of Mallya’s birthday.
Kingfisher Airlines has not paid bankers since January.
PTI contributed to this story.
Comment E-mail Print Share
First Published: Sat, Dec 08 2012. 12 22 AM IST
blog comments powered by Disqus
  • Wed, Aug 27 2014. 05 55 PM
  • Wed, Aug 20 2014. 07 26 PM
ALSO READ close

United Bank declares Vijay Mallya a wilful defaulter

Subscribe |  Contact Us  |  mint Code  |  Privacy policy  |  Terms of Use  |  Advertising  |  Mint Apps  |  About HT Media  |  Jobs
Contact Us
Copyright © 2014 HT Media All Rights Reserved