Vijay Mallya-promoted Kingfisher Airlines has ambitions to fly again and has submitted a fresh revival plan to the Directorate General of Civil Aviation, despite not having a no-objection certificate from its bankers and state-owned airport operator Airports Authority of India.

The grounded airline?s CEO Sanjay Agarwal on Wednesday submitted a fresh revival plan to the aviation regulator, which stated that the parent UB Group has given a commitment to fund operations.

?We have shared the funding and traffic plans,? said Agarwal after the meeting with the DGCA. ?The initial funding to restart the airline will come from the parent. We have also requested that our flying license be renewed.?

The airline plans to restart operations with seven planes, five Airbus A320s and two ATRs.

?The revival plan states that UB Group has got approval from shareholders to fund its operations,? said a senior DGCA official. ?We will review the revival plan thoroughly, but they need to get clearance from the bankers, AAI, tax authorities and pay their employees before they can fly again.?

The official further added that Kingfisher has promised to pay salaries to its employees upto January 2013 from the funding it receives from the parent UB Group. Kingfisher already had no-objection certificates from a few lessors, aircraft maintenance and repair companies and two private airports.

The airline has been grounded since October 1 when its employees went on a strike to protest non-payment of salaries. On December 31, the airline?s scheduled operators permit had expired but it still has two years to apply for a renewal.

Kingfisher?s dues to AAI stand at around R390 crore and chairman V P Agarwal had said last month that the airline needs to clear at least R117 crore before they can get a no-objection certificate.

The airline?s bankers have also started loan recovery proceedings. A seventeen bank consortium has already started selling shares of United Spirits pledged to them. The bankers consortium has an exposure of around R7,000 crore to Kingfisher. Along with unpaid loans and interest, the airline has a total debt burden of R8,600 crore as per its balance sheet up to September 30, 2012.

On Wednesday, Kingfisher’s shares closed 1.69% lower at R7.54.