Monday, April 22, 2013

NEWS | Kingfisher has to clear dues before getting permission to fly



It is unlikely that Kingfisher Airlines will be able to restart operations any time soon. This is because the Airports Authority of India (AAI), the Government’s Service Tax Department and a consortium of banks are insisting that their dues be cleared before the airline is given permission to take to the skies again.

Kingfisher owes Rs 350 crore to AAI and over Rs 7,000 crore to a consortium of 17 banks.
Airline’s Chief Executive Officer Sanjay Agarwal had met the Directorate- General of Civil Aviation (DGCA) here last week and submitted a fresh proposal for restarting the airline. According to the proposal, UB Group would pump in Rs 650 crore in the airline over 10 months to facilitate restart of its operations.

SOURCE:http://www.thehindubusinessline.com/companies/kingfisher-has-to-clear-dues-before-getting-permission-to-fly/article4637237.ece?ref=wl_opinion

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