kingfisher airlines

Indian aviation faces unprecedented turbulence due to a perfect storm of factors. From pandemic fallout and engine failures to airspace closures and a Middle East war driving fuel prices sky-high, airlines are struggling. Passengers face rising fares and cancelled routes as the sector grapples with deep financial distress and operational chaos.

kingfisher airlines is unlikely to end its two week shutdown on Friday, as planned.

State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of kingfisher airlines.

Former chief financial officer (CFO) of long-grounded carrier kingfisher airlines, A Raghunathan on Friday appeared before the Enforcement Directorate here for questioning in connection with its money laundering probe in the alleged default of over Rs 900 crore loan from IDBI bank.

A large section of Delhi-based pilots of the kingfisher airlines, rostered for flights, called in sick Wednesday midnight onwards. Mumbai-based pilots joined the agitation yesterday evening.

The crisis in kingfisher airlines worsened today as talks between the management and striking engineers and pilots over payment of unpaid salary failed.

Grounded kingfisher airlines (KFA) posted a loss of Rs 2,141 crore in the quarter ended March 31, 2013, up from Rs 1,151.8 crore in the same period in the previous fiscal.

State-owned Hindustan Petroleum Corp Ltd (HPCL) on Monday briefly stopped jet fuel supply to kingfisher airlines but resumed after the Vijay Mallaya-owned private airline paid for the aviation turbine fuel.

kingfisher airlines will shut all global operations by April 10, 2012. The last flight under its international operations' division on April 10 will be a Delhi-Heathrow one.

The Rs 750 crore owed by kingfisher airlines to IDBI Bank is currently a bad debt in the books of the bank.

State-run lender United Bank of India on Monday informed the BSE that it does not expect to recover Rs 400 crore it had given to the grounded kingfisher airlines in the short-run but hoped the recovery could be possible in the long-run.

A court has directed issuance of arrest warrant against defaulter businessman Vijay Mallya and 18 others in the kingfisher airlines case, on a complaint filed by the Serious Fraud Investigation Office.

Liquor baron Vijay Mallya, wanted in India for defaulting on over Rs 8,000 crore in bank loans, was arrested in London on Tuesday. Within hours, a court granted him bail. Mallya's wanted in India on charges of financial irregularities and loan default related to his kingfisher airlines. Here's a look at how the King of Good Times landed in this soup:

kingfisher airlines Limited on Monday moved an application in the special PMLA court terming as "false and incorrect" the Enforcement Directorate's charges against its owner Vijay Mallya that he had siphoned off Rs 430 crore of the IDBI loan and used this money to acquire property abroad.

Private airlines owe a total of Rs 14,573 crore to state-run banks, with loss making air carriers kingfisher airlines and Jet Airways together accounting for almost 80% of the outstanding as on the second quarter of 2011-12.

The National consumer disputes redressal commission (NCDRC) in New Delhi has ordered the now defunct kingfisher airlines to deposit Rs 25 lakh as compensation in the Government of India's Consumer Welfare Fund within six weeks, for adopting unfair means and practices while booking tickets for its fliers in March 2008.

Cash-strapped kingfisher airlines owed over Rs 5,600 crore to public sector banks as on February this year, the government has said.

The Mumbai suburban district consumer redressal forum last week ordered kingfisher airlines Ltd to pay Rs 50,000 compensation to a Worli-based man who had to face severe hardships during a summer holiday to Himachal Pradesh as the airlines did not accommodate him and his family on their flights despite prior bookings.

Kingfisher management agreeing to pay four months salary dues by December end to the striking employees who decided to resume work with immediate effect.

In a major setback to Vijay Mallya-owned kingfisher airlines, the Supreme Court on Monday directed it to pay around Rs 372 crore to the income tax department for non-payment for tax deducted at source (TDS) from the salaries of its employees to the government.

In a further blow to beleaguered kingfisher airlines owned by Vijay Mallya, the Karnataka High Court on Tuesday upheld the demand notice issued by the income tax department for payment of Rs 350 crore plus tax dues for the 2010-13 period.

kingfisher airlines CEO Sanjay Aggarwal has put in his papers.

The CBI has launched a probe into IDBI bank’s Rs 950 crore loan to now defunct kingfisher airlines despite the airline’s negative credit ratings and net worth.

Liquor baron Vijay Mallya on Wednesday met Oil Secretary S Sundareshan to discuss defaults by his group firm kingfisher airlines on payment of jet fuel bills, but did not say when he will clear the outstanding of Rs 176 crore.

State Bank of India today said there is no need for lenders to panic as the cash- strapped kingfisher airlines is looking for a solution to come out of the crisis.

State-run United Bank of India on Monday became the first lender to declare debt-ridden kingfisher airlines and its promoter Vijay Mallya as wilful defaulters.

From Saturday, kingfisher airlines will have to start clearing the dues it owes to the Mumbai airport operator if it wants to continue landing and parking its aircraft here.

People flying kingfisher airlines have had a tough time due to sudden revision and cancellation of flight schedule. Many people were stranded at airports in different cities due to last minute cancellation of flights.

An FIR was on Friday filed against Mallya and kingfisher airlines on a criminal complaint by Bangalore International Airport Limited for non-payment of user development fees and passenger service fees to it.

The Registrar of Companies, Bangalore, has been asked to carry out inspection of the books of accounts of kingfisher airlines under section 234 of the Companies Act, the sources added.