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The podcast, titled ‘Vijay Mallya Podcast: Rise & Downfall Of Kingfisher Airlines, Loans & RCB’, also saw the businessman claim he made 'four different settlement offers to banks between 2012 and 2015' after Kingfisher Airlines failed, but none were accepted.
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IndiGo will be locked in a steady battle with the Air India group and will have to differentiate itself beyond its already-proven on-time, hassle-free experience model.
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NEPC Airlines, Damania Airways, Jet Airways, Kingfisher Airlines, Deccan Aviation, and Paramount Airways have one thing in common. These airlines and several others took off fast only to crash land or get bought out by others.
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While the engines deliver on the savings guaranteed, they end up spending less time on the wings than promised
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Even as the airline awaits directions on the next steps, it will have to spend money to ensure that rodents are kept out of critical areas of the grounded aircraft to avoid damage and allow ease in reactivation.
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The airline had earlier stopped the sale of all flights on May 3 and 4, a decision that will impact 55,000-60,000 passengers. The subsequent insolvency filing with the NCLT is expected to impact a far higher number of passengers.
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Vijay Mallya is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the CBI. The Central agency had recently filed a supplementary chargesheet before a special CBI court here.
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The Air India group will have an exciting time beginning the second half of 2023. From inducting new planes to completing one merger and moving on to another, refurbishing existing planes to expanding the network, the Tatas’ aviation arm will have a lot on its plate.
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The merger and fleet expansion will decide the airline’s fate. Often, this decade gets described as the “Decade of India.” If all goes well, it could well be the decade of Air India as well.
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The 65-year-old former Kingfisher Airlines boss intends to appeal against the ruling on Tuesday, when a High Court procedural judge concluded that Mallya's position in the matter was completely hopeless at the end of an extended stay from eviction due to the pandemic.
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Why didn't banks go ahead and sell the shares before? That's because there was a court stay that prohibited banks from selling the securities in Mallya's name. Also, there was ED attachment on these assets.
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The share sale of fugitive businessman’s shares in United Breweries, United Spirits and McDowell Holding is due on June 23 through a bulk deal.
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The company moved the Supreme Court against the Karnataka High Court's March 6 order that upheld its February 2017 order directing the winding up of UBHL for recovery of dues payable by Kingfisher Airlines Limited.
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The point being made in the case, as per a report, is that the extradition to India could endanger his health.
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No estimate was given of how long resolution of the legal issue will take
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On May 14, he lost his final appeal against extradition to India in the United Kingdom's Supreme Court.
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Mallya's holding in United Breweries is 11.04 percent which has a value Rs 2,696 crore and that of United Spirits (1.52 percent) at Rs 582 crore. In total, if banks manage to sell these share holdings on April 20, banks would get Rs 3,278 crore.
But selling these shares and recovering money isn’t that easy.
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The businessman is wanted by the Indian government under charges of financial fraud to the tune of about Rs 9,000 crore in borrowings from several Indian banks by the now-defunct Kingfisher Airlines.
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Bankers forgot the golden rules before the flamboyant liquor baron and lent to an airline that never made profits in its eight years of existence.
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In a separate filing, Bank of Baroda said the RBI has imposed a fine of Rs 50 lakh on it for delay in reporting fraud in an account.
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The 63-year-old former Kingfisher Airlines boss is currently appealing against his extradition order from the UK to India to face charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
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Check out this video to find out 12 Indian carriers that didn’t get a lifeline from the government and perished due to rising debt.
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Why Jet Airways falling off the radar is no surprise
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Sakshi Batra does a 3 point analysis of the latest court verdict and what can be expected in India's bid to extradite Vijay Mallya.
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As airlines scrape the bottom of the barrel to extract every rupee from passengers, flyers expect too much for too little
