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HindustanTimes Wed,23 Apr 2014

Kingfisher revival: approval from AAI, creditors not sought

HT Correspondent, Hindustan Times  New Delhi, April 11, 2013
First Published: 21:53 IST(11/4/2013) | Last Updated: 21:55 IST(11/4/2013)

Grounded Kingfisher Airlines, which submitted a fresh revival plan to aviation regulator, the Directorate General of Civil Aviation, did not even bother to get in touch with the Airports Authority of India (AAI) let alone get a No-Objection Certificate (NoC) from the state-owned airport operator to whom it owes close to Rs. 300 crore.

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Meanwhile, Kingfisher chairman Vijay Mallya met finance minister P Chidambaram on Wednesday.

The regulator and the aviation ministry had made it clear to the airline when it had submitted its first revival plan in December last year that it needs to get NoCs from all stakeholders before its request to restart operations would be considered, said sources.

"The airline needs to obtain statements from creditors, including banks, airport operators and employees that they do not object to resumption of flights," aviation minister Ajit Singh had said on January 22. Singh had said that settlement of AAI's dues was "non-negotiable".

"We were hoping that this they would come prepared but they have failed to get NoC's from AAI, tax authorities and banks," a source said.

AAI chairman VP Aggarwal told HT that his organisation hadn't received any communication from Kingfisher at all. Aggarwal made it clear that Kingfisher would have to clear its dues first before AAI gave its consent. Kingfisher wants AAI to allow them to fly on cash-and-carry basis, said sources.

Kingfisher did not offer comments for the story.

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