The debt-ridden Indian Kingfisher Airlines, which has been grounded for over two months now, has submitted revival plan to country’s aviation ministry.

New Delhi, Dec 24/Nationalturk – The Indian liquor baron Vijay Mallya’s debt-ridden Kingfisher Airlines, which has been grounded for over two months now, has submitted revival plan to India’s aviation ministry.

“Kingfisher Airlines submitted revival plans to Director General of Civil Aviation (DGCA) in a meeting  held in Indian capital today,” official sources said.

Earlier, on October 20 Indian aviation regulator had temporarily suspended the operating licence of Kingfisher Airlines following a strike by its pilots and engineers over non-payment of salaries for several months. The strike by pilots and engineers had completely grounded the fleet of the company.

Kingfisher had also sought renewal of flying permit

Official sources said Kingfisher Airlines had some time back submitted an application for renewal of its flying permit, which is due to expire on December 31.

The Civil aviation officials had then asked the Kingfisher Airlines to prepare a credible revival plan and submit it to the DGCA.

The DGCA, to whom the company submitted revival plans today, will take a final decision on restoring airline’s operating licence.

The cash-strapped Kingfisher Airlines, which has a total debt of Rs. 7,000 crore from a consortium of banks, is yet to pay its staff for seven months now.

The airline is desperately trying to stay afloat and wants to restart operations.

Kingfisher was also said to be in talks with UAE’s national carrier Etihad Airways for a possible stake sale. Earlier, media reports had said Etihad was willing to buy 48 per cent stake in Kingfisher Airlines.

According to reports, Etihad has reportedly agreed to buy 48 per cent stake in Kingfisher for a little over Rs 3,000 crore.

 

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Faiz Ahmad / NationalTurk India News

 

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