Kingfisher submits interim revival plan

Updated - November 17, 2021 04:54 am IST

Published - December 24, 2012 04:18 pm IST - New Delhi

Kingfisher has been grounded since October after its pilots and engineers went on strike. Photo:AP

Kingfisher has been grounded since October after its pilots and engineers went on strike. Photo:AP

Kingfisher Airlines is understood to have submitted an interim revival plan to the Directorate General of Civil Aviation (DGCA), seeking approval to take to the skies once again after being grounded for almost three months.

“Kingfisher Airlines has indeed submitted an interim revival plan, which we had sought as a precondition for revoking its suspended flying licence. Clearance of dues from all the stakeholders including those to whom the airline owns money is one of the pre-conditions for revocation of license. There is no date yet for the airline restarting operations. It will take the DGCA a few days to examine the airline’s interim plan. After the DGCA go-ahead, it will take 6 to 8 weeks for the airline to begin operations,” sources in the Ministry said.

The revival plan was submitted by its CEO, Sanjay Aggarwal, on Monday. The airline plans to start operations with 5 Airbus and 2 ATR aircraft and scale it up to 11 ATR and 10 Airbus fleet within 10 weeks. It is learnt that Kingfisher would require about Rs. 652 crore over the next 12 months for running its operations. These funds will come from the UB Group’s resources as banks are unwilling to fund the airline.

A few weeks ago Kingfisher had submitted an application for renewal of its flying permit, which is due to expire on December 31. At the time of suspending Kingfisher’s permit, the DGCA had indicated that a decision to renew or revoke the suspension of its Standard Operating Permit (SOP) could be taken till it submitted a comprehensive financial and operational revival plan.

Mr. Mallya had reportedly told the 17-lender consortium weeks ago that he was preparing to restart limited operations with a planned fund infusion of Rs. 425 crore through internal resources.

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