Kingfisher Airlines was set up in 2003 but hasn't seen a single year of profit since it got listed in 2006.
Let’s take a look at how the airline put the liquor baron Vijay Mallya on the rocks.
May 9, 2005: Kingfisher Airlines’ maiden flight takes off. Alex Wilcox, CEO of Kingfisher, said the airline would not adopt the low-cost, no-frills model but chart the middle course.
June 30, 2005: Becomes the first and only Indian carrier to order the Airbus A380. Orders five A380s (cancelled subsequently), five A350-800s and five A330-200s for over $3 billion.
May 8, 2007: Vijay Mallya eyes stake in Air Deccan.
June 2, 2007: Vijay Mallya buys over the crisis-ridden no-frills Air Deccan owned by Capt Gopinath in 2007. The merged group plans to save up to Rs. 300 crore on costs with a combined fleet strength of 71 aircraft. Through a reverse merger, Kingfisher Airlines became Air Deccan and once the entire acquisition was completes with necessary approvals from the regulator SEBI in place, Mr. Mallya quickly changed the airline's name back to Kingfisher Airlines in 2008.
August 31, 2009: Kingfisher’s board approves a resolution to raise $100 million (nearly Rs 487.8 crore) by various instruments including Global Depository Receipts (GDRs). This was in addition to in addition to the decision for induction of capital for an amount not exceeding Rs 500 crore by a rights issue of equity shares taken on July 28.
November 4, 2009: Kingfisher reports a net loss of Rs 418.77 crore during the second quarter of the fiscal. Its income from operations also declines by 13.6 per cent during the quarter compared to the same period last year.
March 15, 2010: Despite operating losses, Kingfisher announces flight to Europe.
November 25, 2010: Kingfisher Airlines Board approves debt recast package. The airline’s debt stood at over Rs 6,000 crore.
September 15, 2011: The company’s auditors submit an annual report for 2010-11 which pointed out that the loss-making air carrier’s accumulated losses at the end of the financial year were more than 50 per cent of its net worth.
September 28, 2011: Vijay Mallya decides to exit low-cost business.
November 13, 2011: The airline, with a debt of around Rs 6,500 crore, looks at cutting costs and taking several steps to face the challenging times.
November 20, 2011: Vayalar Ravi says that the Centre has no plan for any package to salvage the airlines.
December 1, 2011: Mumbai International Airport Pvt. Ltd. sends a notice to the cash-strapped airlines to pay the Rs.90-crore outstanding dues.
December 9, 2011: The Service Tax Department freezes 11 accounts of Kingfisher Airlines for non-payment of Rs.70 crore.
December 14, 2011: Govt de-freezes bank accounts after part-payment of the service tax dues.
February 16, 2012: Kingfisher Airlines, reports a loss of Rs.444.26 crore at the third quarter results for 2011-12.
February 20, 2012: Kingfisher Airlines cancels several of its flights after reports of the Income-Tax Department freezing some of its accounts.
February 23, 2012: The carrier operates a truncated schedule and faced the prospect of losing a number of prime flying slots.
March 8, 2012: Another blow to Kingfisher with International Air Transport Association asking travel agents to immediately stop booking tickets on the private airline's behalf for failure in settling dues since February.
March 12, 2012: Furthertrouble, as employees protest delays in salary payment.
March 14, 2012: Vijay Amritraj resigns from Kingfisher board.
March 15, 2012: Kingfisher announces curtailing of its international operations.
March 17, 2012: Revenue dept. threatens to take Kingfisher Airlines to court over alleged service tax evasion, saying the company has not deposited taxes it collected from travellers.
March 19, 2012: Anil Kumar Ganguly, the only independent director on the board of Kingfisher Airlines, quits the company, leaving it with only three board members.
March 20, 2012: Mr. Mallya explains the airline's position to the Directorate-General of Civil Aviation (DGCA) following summons and says that it is suspending all its international operations.
March 27, 2012: Burdened by a debt of over Rs.7,000 crore, the airline suspends operations from Kolkata, Hyderabad, Patna, Lucknow, Thiruvananthapuram and Bhubaneshwar. The airline operated about 120 daily flights by this date, down from more than 400 earlier.
March 28, 2012: The airlines inducts three independent directors in its board to comply with the listing norms.
April 2, 2012: The company’s staff threaten to go on strike, demanding payment of salary dues.
April 3, 2012: The standoff ends with the protestors accepting the assurance given by Mallya.
April 9, 2012: Employees, including pilots and engineers, receive salaries after a delay of nearly four months.
May 11, 2012: Kingfisher flights cancelled after the pilots report sick to protest non-payment of salaries.
June 27, 2012: Kingfisher shares tumble over 13% following reports that 34 aircraft have been possessed due to non-payment of lease rentals.
July 5, 2012: A 15-day time was given by the company’s lenders to come up with a plan to improve its operations. The airlines had a total outstanding debt of around Rs.7,500 crore to a consortium of 17 banks led by State Bank of India (SBI).
July 14, 2012: Pilots go on strike against the non-payment of wages for almost five months.
July 18, 2012: Minister for Civil Aviation Ajit Singh rules out bailout of Kingfisher Airlines.
August 8, 2012: A section of its employees strike and 15 flights were cancelled.
August 18, 2012: A section of pilots of the near-bankrupt airlines go on strike, second time in a month, demanding immediate payment of March salaries, leading to cancellation of seven flights from Mumbai.
September 4, 2012: Chairman Vijay Mallya gives guarantees worth Rs. 5,904 crore for the carrier’s loans and other liabilities in 2011-12, but did not get any commission for the same because of lenders’ opposition.
September 9, 2012: Pilots from both Delhi and Mumbai threaten to strike work as part of mass agitation for immediate disbursal of salaries.
September 26, 2012: Mr. Mallya announces that the carrier was in talks with overseas airlines for investment.
September 28, 2012: Turning down a request for Rs.200-crore working loan by Kingfisher, the State Bank of India-led lenders consortium, asks SBI Capitals to chalk out a fresh revival plan for the cash-strapped airline in the next 2-3 weeks.
October 1, 2012: Unpaid staff protest in Delhi, Mumbai and other airports and almost all of Kingfisher’s flights from all stations were cancelled as engineers did not certify the planes to fly.
October 2, 2012: The carrier declared partial lock-out following a strike by a section of its employees.
October 4, 2012: Uncertainty continues over Kingfisher resuming operations.
October 5, 2012: Banks give lifeline to the carrier, agreeing to release Rs.60 crore locked in an escrow account to pay employees’ salaries.
October 6, 2012: DGCA issues show-cause notice to Kingfisher asking why its flying permit should not be suspended or cancelled.
October 9, 2012: DGCA asks Kingfisher to stop ticket bookings, following reports that the airline planned to resume normal operations from October 13.
October 12, 2012: Commercial banks which had lent over Rs.7,000 crore to the airlines, closely monitor the situation and tighten the noose around its promoter to protect their interest.
The airlines further extends its partial lock-out until October 20 as it could not persuade the striking employees to join back duty without getting any salary.
A non-bailable arrest warrant issued against Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL) towards user charges.
October 20, 2012: The airline’s permit got suspended and experts said Vijay Mallya’s United Breweries group needs to pump in over Rs. 3,000 crore to get Kingfisher airborne again as no foreign operator would come forward to invest in the airline in its present state.
October 24, 2012: Employees reject the management’s fresh offer and demand payment of four months’ backlog in lumpsum before October 26.
October 25, 2012: Engineers, technicians and pilots call off their 26-day strike and agreed to join work immediately by accepting the management’s offer of disbursal of three months salary.
October 30, 2012: Vijay Mallya meets Civil Aviation Secretary K.N. Srivastava on the airlines’ revival plan and its intention to resume operations as soon as possible.
November 9, 2012: The company’s Q2 loss widens to Rs. 754 crore, as compared to a net loss of Rs.469 crore in the corresponding period in the previous year.
November 10, 2012: Mr. Mallya loses Royal Challenge when international liquor major Diageo announced its decision to acquire 53.4 per cent stake in Vijay Mallya-owned United Spirits Ltd. (USL) for Rs.11,166.50 crore.
November 16, 2012: The company starts paying salaries to employees in batches and employees with low salaries received their May wage.
December 5, 2012: Trying to help revive Kingfisher, says SBI, the lead banker in the 17-lenders consortium that extended Rs 7,000 crore loans to the carrier, and said that the banks are trying to do everything to find an amicable solution to the carrier’s financial troubles.
Karnataka High Court directs Kingfisher to deposit 50 per cent of the total amount of Rs.371 crore that the company is required to remit to the Income Tax Department as tax deducted at source (TDS) from its employees and payments made towards company expenses.
December 20, 2012: Kingfisher applies for renewal of its licence that would expire on December 31.
December 25, 2012: The Airlines submits an interim revival plan to the DGCA, seeking approval to take to the skies once again after being grounded for almost three months.
December 31, 2012: The carrier loses its flying licence as the DGCA refused to renew its Air Operator Permit (AOP).
January 9, 2013: The company flies into more trouble, with its employees planning to head to court, a move that came after the management delayed in paying pending salaries.
January 10, 2013: The airlines’ Chairman Vijay Mallya appeals to his staff to stay on board, telling them that he was planning a limited restart with seven aircraft.
January 22, 2013: SBI’s Chairman Pratip Chaudhuri says that Kingfisher needs Rs. 2,000 crore for revival.
February 18, 2013: United Breweries Holdings seeks shareholders’ approval to provide additional loans of Rs.450 crore to the grounded airline.
February 21, 2013: The Special Court for Economic Offences, Bangalore, issues summons to Vijay Mallya on a criminal case filed by the Income-Tax Department for not remitting to the government tax deducted at source (TDS).
February 25, 2013: The beleaguered airlines loses international and domestic flying slots and the move came close on heels of a decision taken by the consortium of bankers to start recalling their loans amounting to Rs.7,500 crore.
March 10, 2013: DGCA asks the carrier to clear all dues, including pending salaries of employees, before seeking licence renewal.
March 15, 2013: Airports Authority of India says it would release the deregistered leased aircraft of Kingfisher for the lessors only after a formal nod from the Civil Aviation Ministry.
March 21, 2013: Civil Aviation Minister Ajit Singh says that Kingfisher has not yet given a revival plan to restart operations.
March 27, 2013: DGCA deregisters 15 Kingfisher aircraft.
April 3, 2013: Bombay High Court refuses to grant any interim relief to United Breweries Holdings, which had filed a petition to prevent Kingfisher Airlines’ lenders from selling pledged shares of UB group companies.
April 5, 2013: The airlines' staff protest in Bangalore demanding the immediate release of their pending salaries.
June 2, 2013: Three senior Kingfisher executives quit.
June 8, 2013: Mallya says he cannot pay his employees.
August 15, 2013: Auditors red-flag Kingfisher’s revival plans.
September 24, 2013: Kingfisher in talks with foreign investor for potential stake sale.
October 29, 2013: Mallya ranks 84th in Forbes India rich list.
January 7, 2014: Employees of grounded Kingfisher Airlines have intensified efforts to recover their unpaid salaries.
February 12, 2014: Kingfisher Airlines reported a net loss of Rs. 822.42 crore for the third quarter ended December 31, 2013.
February 17,2014: The CEO of the company, Sanjay Aggarwal quit Kingfisher airlines.
July 17, 2014: The Kingfisher was declared to be the top NPA of the country as it failed to repay loans of over 4,000 crore, mostly borrowed from state-owned banks.
July 31, 2014: Kingfisher Airlines head Vijay Mallya personally appears before the Special Court for Economic Offences in Bangalore, in connection with three criminal cases booked against him by the Income Tax Department. The court granted him bail while directing him to deposit Rs. 1 lakh as cash surety in each case, bail bonds and solvent surety for the same sum.
August 9, 2014: CBI institues a preliminary inquiry against IDBI Bank and Kingfisher Airlines. The bank had sanctioned a loan of Rs. 950 crore, despite KFA having a negative rating.
August 21, 2014: Punjab National Bank issues notice to KFA alleging the carrier has wilfully defaulted in payment of outstanding dues of over Rs 770 crore.
September 1, 2014: United Bank of India declares Vijay Mallya and three directors of Kingfisher Airlines (KFA) as wilful defaulters.
September 2, 2014: Supreme Court denies relief to KFA challenging the decision of the Grievance Redressal Committee of United Bank of India (UBI) to declare the airline and its promoter Vijay Mallya as wilful defaulters.
September 4, 2014: Vijay Mallya reiterates his intention to seek legal recourse in the UBI case, during the Annual General Body Meeting of United Breweries.