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Monday, February 20, 2012

Impact Kingfisher Airlines were cancelled flights

Impact Kingfisher Airlines were cancelled flights : Kingfisher Airlines will be under the scanner after it said that it will return aircraft to lessors since their leases have been terminated because of payment default, reports Mint. The airline with a fleet of 64 aircraft will return two more Airbus A320s this month to lessors. On Monday, the Director General of Aviation asked for an explanation for the flights which were cancelled over the weekend. The Civil aviation ministry has ruled out any bailout for the carrier.

Lastly, it seems Air India had deployed a larger aircraft in April 2010 to accommodate the family members of former civil aviation minister Praful Patel on their trip to the Maldives, reports Times of India. Air India switched to a bigger aircraft, A320, with 20 business class seats, to accommodate seven members of his family.

Kingfisher 's wings appear to be clipped, for now. After cancelling several flights over the weekend, Kingfisher Airlines CEO Sanjay Aggarwal will appear before the DGCA today to discuss flight restoration plans. The bad news for people travelling is that domestic fares rose 10-20% post KFA cancellations.

The government has categorically stated that Kingfisher will get no bailout and that banks will have to decide on how much money they can give the ailing carrier.

In a CNBC-TV18 exclusive, Vijay Mallya has said the company is not in a comfortable cash position and is requesting working capital from consortium bankers. Watch this stock to see which way it movesFor the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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