Kingfisher Airlines submits revival plan to DGCA

Last Updated: Mon, Dec 24, 2012 11:23 hrs

Kingfisher Airlines, owned by liquor baron Vijay Mallya, submitted a revival plan to Directorate General of Civil Aviation (DGCA), the aviation regulator.

DGCA had suspended the flying permit of KFA in October after the carrier grounded its fleet following protests from engineers over non-payment of pending 7 months salaries.

The airline's licence was due to expire on December 31.

Had it even not submitted its revival plan, then also it would not have made difference. DGCA sources had told Business standard, "The carrier can submit its revival plan even two years after the lapse of licence on December 31."

The airline's lenders met and were conveyed the carrier that it may infuse Rs 425 crore to "partially restart" operations.

The airline's stock went up in the upper circuit today, rising by 5% reaching up to Rs 15.97.

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