Kingfisher fails to meet lenders’ deadline

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SummaryThe meeting between the Kingfisher Airlines management and its lenders has been pushed further ahead, with the carrier yet to come up with a concrete plan to resume operations.

The meeting between the Kingfisher Airlines management and its lenders has been pushed further ahead, with the carrier yet to come up with a concrete plan to resume operations. Bank consortium led by State Bank of India (SBI) had asked the airline to arrange for more capital by November 30, but the carrier failed to come up with a plan to meet the deadline. Kingfisher chairman Vijay Mallya had earlier denied any such deadline issued by the lenders.

"We would like to have the meeting at the earliest," said an SBI official, adding that the consortium was aiming to meet over the next fortnight to discuss the next course of action including monetising of pledged shares and the personal properties of Vijay Mallya. "There was no concrete plan and hence there was no need for a meeting," the official told FE.

Last week, Mallya had met the Civil Aviation secretary to update the ministry on plans to revive the troubled airline whose flying licence had been suspended in October. The government has said that the licence, which expires on December 31, will not be renewed if a revival plan is not submitted by that time.

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