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Thursday, April 11, 2013

What revival plan? Kingfisher fails to obtain NoCs from stakeholders
[Editor: It seems a section of  JOURNALISTS are no better than 3rd rated ANIMALS!! Anyway, tell me, what is the role of journalists? To destroy India or to help re-building India...? If your take is the 2nd one, then explain to me, why instead of writing positives about Kingfisher Airlines Ltd or giving suggestion, as to how to start the operations, most of the Indian Media, are going ga ga against the company? Is the airlines running any "Ponzi Scheme"? Or what is the real reason? So, many families are attached with this airlines. If it starts operation, these distressed families would be saved. Isn't it? Also, so many shareholders have invested their funds, in the company, and would love to see their money get appreciated. Why are these people bent on behaving in such an insane way, like they did in case of "Delhi Rape Case".
It is a fact that most people like/enjoy, others being criticized and harassed, and these unholy people hit those raw nerves to gain brownie points--an example of very low mentality. I again reiterate: Journalists should find out solutions so that this distressed airlines can start its operation; but instead they are in a taunting mood (look at the headline). Also, did you see the way, Shreen Bhan of CNBC TV18 was interviewing, Mr.Subrata Roy, yesterday, as if he is a thief........Huh!!..........thank god that lady did not interview me or Ms.Mamta Banerjee...!! If the government does not bring laws to clip their wings, then I fear one day, they might pulverize India, for their own interest] 
Photo: Indian Express
Vijay Mallya-led Kingfisher Airlines on Wednesday  submitted a revival plan to aviation regulator  DGCA to restart operations, asking for its licence to be renewed with the help of funds from its parent UB Group.

We have given a complete plan…which includes our schedule that we plan to operate, the aircraft we plan to operate, the number of people we have,” Kingfisher CEO Sanjay Aggarwal had said yesterday.However, the grounded airline has failed to obtain the no-objection certificate from the Airport Authority of India (AAI).

The DGCA had insisted that Kingfisher, before resuming operations, obtain no objection certificates (NOCs) from all the stakeholders and also clear all dues and salaries of its employees to ensure safe and smooth operations. However,  chances of the airline’s revival appear slim with lessors seizing the aircraft and lenders selling pledged shares.

Also, according to the new revival plan,the airline was to start operations on a “cash-and-carry basis” (paying airport operators and oil companies on a per take-off basis) and planned to use  the Rs 652-crore funding for payment of salary dues, refurbishment of planes and daily operating losses. However, sources in the AAI told CNBC-TV18 that the airline will not be able to operate on a cash-and carry basis since it has still not cleared dues of Rs 290 crore and nor has it furnished any bank guarantees, which is a prerequisite for the airline to restart operations.  What’s worse is the airline has not been replying to queries on settlement of dues either.

A DGCA official was further quoted by the Financial Express as saying that  airline not got clearance from  banks and service tax department among others

Kingfisher’s flying licence  was suspended in October and later lapsed in December after the airline was grounded following a strike by its employees, including pilots, over non-payment of dues. The airline has since then been talking about roping in investors to raise funds but there has been  no development on this front.

Meanwhile, banking sources also told the channel that the revival plan in unclear and inconclusive like previous plans submitted by the airline. According to a report in the Financial Express, State Bank of India has sent a legal notice to KFA seeking recovery of loans.

As per the revival plan, Kingfisher would resume limited operations with five Airbus A-320 and two turboprop ATR aircraft and gradually step up its operations by increasing the number of planes to 20.

The one silver lining about the revival plan is the promise to pay its staff salaries till January 2013. Earlier this month, the airline paid two months worth of salary dues to its employees who have not been paid for the past 10 months.

Agarwal told DGCA that the airline planned to start the operations immediately after renewal of its SOP and try to repair other planes once the operations start”.

Courtesy: First Post