Kingfisher Airlines to submit revival plan today

Kingfisher Airlines to submit revival plan todayIt is believed that the troubled Kingfisher Airlines is planning to approach the aviation sector regulator, the Directorate General of Civil Aviation (DGCA) with a new revival plan for the company.

Kingfisher Airlines' chief executive officer Sanjay Agarwal is set to meet the Director-General of Civil Aviation today to submit a new plan for the revival of the company's flights. The DGCA had earlier announced its decision to suspend the airlines licence as it believed that the company is unable to carry out its operations smoothly.

Kingfisher Airlines, which is facing a mountain of debt worth over Rs 7,000 crore, had said in January that it will resume operations in March with a fleet of seven aircrafts and later expand it to 20 aircrafts. The airline has faced problems in convincing the regulator to allow it to resume flights and was also not able to convince its lenders about raising funds for the operations.

Kingfisher Chairman Vijay Mallya is yet to submit any revival plan for the airline, whose license was suspended after the company, was unable to pay its employees and other stakeholders. Kingfisher Airlines has a period of two years for getting its licenses renewed and resuming its operations in the country. . The company is required to look for ways to reduce debt and pay off various parties including Airports Authority of India (AAI). The airline has to apply for the revocation of suspension of its Scheduled Operator's Permit (SOP) or flying license.