Kingfisher Airlines today lost its flying licence after it failed to convince regulators about how it plans to fund operations under a proposal to get airborne again. The licence was due to expire today.
The airline has issued the following statement, saying there's no cause for concern:
Kingfisher Airlines applied for renewal of its licence as a scheduled carrier. Subsequently, Kingfisher Airlines submitted a restart and rehabilitation plan to the DGCA and also attended meetings to respond to queries. The plan itself clearly states that the funding required would be provided by the UB Group. The DGCA has asked for certain no-objection letters which are in the process of being procured. Further, a few additional questions have been raised which will be answered to the regulators satisfaction.
Despite the impending expiry of the licence tonight, there is no cause for concern as the regulations permit licence renewal within two years of expiry. Kingfisher Airlines is confident of securing approval from the DGCA on the restart plan, licence approval and reinstatement of its airline operating permit (AOP).
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
