Kingfisher Airlines Ltd has said that it has recorded a net loss of $379 million or about 21.42 billion rupees during the fourth quarter from January to March, 2013.

The entire fleet of the company's airlines have been grounded since October but the airline has said that it is hopeful of resuming operations soon. The airline, which is controlled Indian billionaire Vijay Mallya, had to ground its entire fleet due to workers strike and subsequent cancellation of its flying licenses.

The company said that it recorded the net loss as there was no sale during the fourth quarter of the financial year 2012-2013. The company had accumulated losses of 160.23 billion rupees as of 31 March, 2013 and as well as a negative net worth of 129.19 billion rupees. The airline is working to revive its services and has also submitted a detailed plan to the aviationregulator for renewal of its license.

Meanwhile, UB Group Chairman Vijay Mallya has indicated that he might sue lenders to Kingfisher Airlines (KFA) and aircraft lessors and is seeking damages of close to Rs. 4,500 crore from them. He might be seeking damages as lenders are expected to recover outstanding loans with least prejudice and he is claiming that they were tough with hum in the previous two years.