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Kingfisher Airlines NEWS -- Part 7
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747-237
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PostPosted: Fri Sep 19, 2014 11:35 pm    Post subject: Reply with quote

bob wrote:
CAMO and CAR 145 support was provided by KFA


Does that give them control of the airframes, over the owner ?

Also, (at least) VT-VJM was taken from VJM by the tax authorities in 2013, IIRC.
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PostPosted: Sat Sep 27, 2014 11:21 pm    Post subject: Reply with quote

sumantra wrote:
vivekman wrote:
VT-VJM is indeed parked in the bay near the "32 end" of Runway 14-32 - which means it is visible from the port side of an aircraft landing on Runway 27. I saw it as recently as last weekend. It has been parked there since quite some time. Looks like you missed seeing it. It is in a sad state - gathering dust and faded colours.
Thanks, Vivek for the confirmation!
Cheers, Sumantra.


Sumantra, this is for you... Smile

Clicked this photo on Sep 13, 2014. Both the A319 CJ & Hawker are visible in the background.



- Vivek
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PostPosted: Sat Sep 27, 2014 11:51 pm    Post subject: Reply with quote

vivekman wrote:
Sumantra, this is for you... Smile
Clicked this photo on Sep 13, 2014. Both the A319 CJ & Hawker are visible in the background.
Thank you, Vivek: another stupendous photo!
Cheers, Sumantra.
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PostPosted: Sat Oct 04, 2014 8:53 am    Post subject: Reply with quote

http://www.dnaindia.com/india/report-private-charter-associations-eye-kingfisher-s-parking-slot-write-to-aviation-ministry-2023399

Private charter associations eye Kingfisher's parking slot, write to aviation ministry

4 October 2014

With Vijay Mallya-led Kingfisher Airlines remaining defunct, private business charter associations have approached the city airport authorities and civil aviation ministry for transferring the parking bay allotted to the airline to private charters.

According to aviation industry insiders, there is severe shortage of parking space for private charters. In a recent letter to civil aviation minister Ashok Gajapathi Raju, Business Aircraft Operators Association (BAOA) said there is urgent need to create additional parking space for private charters as the number has remained stuck at 24 for over a decade now. The demand, if implemented, is expected to provide around 10 additional parking spaces for private charters, which otherwise have to go to far-flung airports in other cities just to park, burning precious fuel in the process.

The letter requests that immediate parking space be created at LIMA parking bay, which was previously occupied by Kingfisher Airlines. "BAOA has already submitted a suggested Standard Operating Procedure (SOP) to ATC Mumbai for optimum utilisation of the bay," said the letter undersigned by Group Capt Rajesh Kumar Bali (retired), secretary of BAOA.
However, sources with Mumbai ATC have certain apprehensions regarding the proposal as it may hamper the existing efficiency of runway operations. ATC recently recorded 51 aircraft movements per hour.

But the BAOA has negated the apprehensions in a proposal it sent to ATC contending that the very fact the bay was earlier allotted to Kingfisher Airlines means operations are feasible from there.

"In any case, non-scheduled operators are given limited slots in an hour, which, for LIMA dispersal operators, can be further regulated, if runway crossing is likely to cause delays. In other words, undertaking can be taken from aircraft parked in LIMA dispersal that if secondary runway is used, slots could be further restricted and significant delays for taxi on ground should be expected. The aircraft operating from there should plan contingencies for additional fuel requirements," added the BAOA proposal to ATC.

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PostPosted: Mon Dec 01, 2014 8:27 pm    Post subject: Reply with quote

Vijay Mallya Denied Reappointment as Kingfisher Airlines Chief

The airline said in a regulatory filing that its application has been rejected for reappointing Mr Mallya as managing director. No specific reason could be immediately ascertained for the rejection.


http://profit.ndtv.com/news/corporates/article-vijay-mallya-denied-reappointment-as-kingfisher-airlines-chief-706748
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PostPosted: Sat Dec 20, 2014 8:33 pm    Post subject: Reply with quote

http://www.business-standard.com/article/companies/mumbai-airport-puts-up-mallya-s-jet-for-sale-114121900777_1.html


Mumbai airport puts up Mallya's jet for sale

The nine-seater HS 125-700B aircraft is 30-years-old and is registered in the name of Shaw Wallace and Company


December 20, 2014

Fresh trouble seems to be brewing for liquor baron Vijay Mallya, with Mumbai International Airport (MIAL) deciding to sell a mid-sized corporate jet owned by his group company.

The nine-seater HS 125-700B aircraft is a 30-year-old plane registered in the name of Shaw Wallace and Company, Kolkata, according to the Directorate General of Civil Aviation (DGCA) records. The aircraft was earlier owned by EIH (Oberoi group). Mallya’s UB Group acquired Shaw Wallace in 2005 and is now a part of United Spirits.

MIAL issued a newspaper advertisement on Friday, seeking an Expression of Interest for the purchase on an ‘as is where is’ basis. According to the ad, MIAL offers “no warranty on the condition, operating capabilities and fitness of the plane”.

MIAL and UB Group did not respond to email queries on the topic. The nature of the dispute between the two groups leading to the decision to sell the aircraft is not known.

Under Section 8 of the Aircraft Act, 1934, airport operators can detain planes but a court order is required to seize and sell an aircraft in case of default in payment, sources said.

Kingfisher Airlines faced difficulties in paying suppliers and airports and was eventually grounded with its aircraft being repossessed by lessors. According to DGCA records, Kingfisher still has five ATRs, one Airbus A319 private jet flown by Mallya, and two EC-155B1 helicopters registered in its name.

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Jeh
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PostPosted: Sat Dec 20, 2014 9:27 pm    Post subject: Reply with quote

747-237 wrote:
Mumbai airport puts up Mallya's jet for sale


Any forum members interested in a time-share? Twisted Evil
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PostPosted: Sun Dec 28, 2014 11:05 am    Post subject: Reply with quote

http://www.deccanherald.com/content/450245/kfas-2-year-term-reits.html

KFA's 2-year term to renew its flying permit expires on Dec 31

Dec 28, 2014

The doors are finally going to be shut on the defunct Kingfisher Airlines as the two-year term to renew its Air Operator Permit expires on December 31 midnight.

The Vijay Mallya promoted full service carrier is grounded since October 2012, and lost its flying license on December 31, 2012 following refusal by the civil aviation regulator Directorate General of Civil Aviation (DGCA) to renew it after the airline management failed to come up with a "satisfactory" plan of operations.

The airline, however, was given a two-year time to get its license renewed, which expires on December 31, 2014.

"Kingfisher Airlines (KFA) AOP will finally lapse on December 31 which means the company will have to apply afresh for flying permit, if it wants to fly again," a senior DGCA official said.

He, however, said that securing an AOP involves a number of regulatory approvals from aviation regulator Directorate General of Civil Aviation (DGCA), no-objection certificates from civil aviation and other ministries, security clearances for the top management team of the proposed airline from home ministry as well as comments and suggestions from various stake holders.


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PostPosted: Sun Jan 04, 2015 12:24 pm    Post subject: Reply with quote

Any reason why it cannot declare closure.
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PostPosted: Sun Jan 04, 2015 2:18 pm    Post subject: Reply with quote

Thought you guys might find this interesting - this was from an article by Shekhar Gupta the other day, in India Today, on interest rates and crony capitalism, where he used Mallya as an example. I tend to find his journalism a bit suspect sometimes, but I think this bit is accurate, and revealing.

India's banks work in huge spreads. They pay very little to depositors and charge high rates from borrowers. Why can't banks cut rates, narrowing their spreads, instead of wailing to be wetnursed by the RBI? It is because they harbour humongous bad loans, usually to some of our most prominent cronies, and nobody wants to upset that cosy arrangement. As a result, you pay 14 per cent for your child's education loan while Mr Vijay Mallya chills in default.

My epiphany came on February 7, 2010. The State Bank of India, the big daddy, threw a coming-out party at Mumbai's Brabourne Stadium with a fancy laser show-and-tell on its massive computerisation. The who's who of Indian industry, Ambani brothers to Tata CEOs, were present. When the chairman of SBI blows the whistle, everybody falls in line.

The preening chairman, O.P. Bhatt, was making his presentation when the show stopped. A couple of lights came on, there was a flurry to the left and we all saw an imposing silhouette, surrounded by a dozen or so grey-safariclad bouncers, walk in, so confident, master of the universe, star of the show. It was Vijay Mallya, a top borrower and defaulter, and he could get away being so rudely arrogant at his own prime lender's show. That's why I now say, let banks cut before the RBI, and if it hurts their balance sheets, recover their bad debts first, starting with Mallya, the most eminent of all defaulters.


http://indiatoday.intoday.in/story/from-india-today-magazine/1/410872.html
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PostPosted: Sun Jan 04, 2015 10:43 pm    Post subject: Reply with quote

Anyone think that this is part of some scheme? Let the permit lapse, liquidate the old KF and start afresh with new KF.
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PostPosted: Sat Jan 10, 2015 9:35 am    Post subject: Reply with quote

http://timesofindia.indiatimes.com/business/india-business/Vijay-Mallya-told-to-give-foreign-travel-itinerary-in-advance/articleshow/45830645.cms

Court orders VJM to give foreign travel itinerary in advance. He and other senior management are accused of evading service tax while running Kingfisher.
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PostPosted: Sun Jan 11, 2015 6:49 pm    Post subject: Reply with quote

iah87 wrote:
http://timesofindia.indiatimes.com/business/india-business/Vijay-Mallya-told-to-give-foreign-travel-itinerary-in-advance/articleshow/45830645.cms

Court orders VJM to give foreign travel itinerary in advance. He and other senior management are accused of evading service tax while running Kingfisher.


What's the point - it's not like VJM is trying to run away, he's happy enjoying the wealth looted from the employees/ banks and so on, with no sign of the noose tightening around his fat neck.
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PostPosted: Sat Jan 31, 2015 12:32 am    Post subject: Reply with quote

The Midas touch of Mallya scores another palpable hit.

http://www.team-bhp.com/news/rumour-force-india-insolvent-and-sale

Rumour: Force India is insolvent and up for sale

The Vijay Mallya-owned Force India Formula 1 team is rumoured to be in danger of folding up. Ralf Bach, who writes for Sport Bild and TZ Munchen, writes in his blog f1-insider.com that the future of the Silverstone-based team is far from certain. The team is currently insolvent.

Force India has decided to skip the first test of the 2015 pre-season at Jerez. While the team claims that it is trading the test for more development time, it is rumoured that car has been delayed because important parts suppliers have not been paid. If the team is unable to raise money over the next four weeks, it could have to sit out the Australian and Malaysian Grand Prix.

Bach also claims that Force India is up for sale. Renault is reported to be interested in purchasing the team, since it wants to have a greater presence in the sport.

The owners of Force India have been going through tough times of late. Vijay Mallya's Kingfisher Airlines has ceased operations and he is facing several legal charges. Subrata Roy, the co-owner of Force India, is in jail.
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PostPosted: Tue Feb 17, 2015 8:28 am    Post subject: Reply with quote

http://www.dnaindia.com/money/report-did-kingfisher-money-disappear-in-cayman-mauritius-2061656

Did Kingfisher money disappear in Cayman, Mauritius?

17 February 2015

Kingfisher Airlines had leased 26 of its 64-aircraft fleet through offshore companies in tax havens like Cayman Islands and Mauritius and paid rents far above market rates, documents accessed by dna indicate.

The Central Bureau of Investigation (CBI) suspects some of them were 'dummy' companies and were floated specifically for generating over-valued lease rental invoices.

These inflated rentals were then paid through bank loans. There was a substantial difference between the actual rental and the inflated invoice, and that money disappeared through companies based in Cayman Islands and Mauritius, sources said. The CBI is yet to ascertain where the money finally landed.

Company balance sheets show that between 2007 and 2012, when the airline was grounded, Kingfisher spent a lion's share of its expenditure on leasing and operating fleet -- a mix of ATR 72-212s and Airbus models.

The Cayman Islands companies from where Kingfisher leased aircraft had addresses in the buildings of global finance and law firm MaplesFS. In 2008, US President Barack Obama during his presidential campaign had described this building as the world's biggest front for tax evasion.

Kingfisher leased 12 ATR 72-212As from four companies with the same address: PO Box 1093, Queensgate House, South Church Street, George Town, Cayman Islands, documents show.

Two aircraft were leased from Hubli Aircraft Leasing Co, one from INDEC Turbo Leasing Co, two from Turbo 72-500 Leasing Co and seven from KF Turbo Leasing Co. It bought two 72-seater ATR 72-212 A from Hubli Aircraft Leasing Ltd.

In a written response to dna, MaplesFS Cayman denied any link to the companies. "Please note that the entities you reference (sic) are not subsidiaries of MaplesFS or part of the MaplesFS group of companies."

Similarly, 14 aircraft were leased from companies in the office buildings of financial firm Walkers SPV. All seven companies bore the same address: Walker House, 87, Mary Street, George Town, Cayman Islands.
Two planes were leased from Hubli Aircraft Leasing Ltd, one plane was leased from Paisley Aircraft Leasing Ltd, two from TP Leasing (Cayman) Ltd, one from Tana Aircraft Leasing Ltd, an Airbus A-320 from Trapper Aircraft Leasing Ltd, three from ACG Acquisition (Cayman) Ltd and one each from MSN 939 Leasing Ltd and MSN 946 Leasing Ltd.

Kingfisher chief Vijay Mallya's personal 22-seater Airbus A319 was also leased from a company named CJ Leasing (Cayman) Ltd, bearing the same address.

Walkers SPV partner Richard Munden, in a written reply to dna, said: "I cannot disclose any information on these matters. I hope you are able to find the information you require elsewhere."

The CBI is examining whether IDBI's Rs 700 crore loan was used for some of the payments, sources said. IDBI has the second-biggest exposure to Kingfisher, after State Bank of India (Rs 1,623 crore).

"These allegations are false and are denied," said Sumanto Bhattacharya, spokesperson of the UB group, of which Kingfisher Airlines is a part.
A forensic audit of Kingfisher's account carried out by Ernst & Young for SBI revealed discrepancies similar to the ones sniffed by the CBI. The only difference is that the payments pertain to entities based in Mauritius rather than the Cayman Islands.

Kingfisher leased two planes from a company called Plateau Aviation Ltd with offices in the premises of INVESTEC Trust in Port Louis, Mauritius.

It also leased two planes from Veling Narain Ltd and Veling Sacheedanand Ltd. The report pointed out that Kingfisher paid exorbitant lease rents for the two planes (VT-KAH & VT-KAG) from Veling. According to the audit, the prevailing rentals of the aircraft were no more than $100,000-$110,000 per month. However, Kingfisher paid, on an average, $199,200 per month to the Mauritius-based company.

"Multiple payments were made to the company from 2007 to 2012. Sometimes, Kingfisher paid three months' rent together. Excess payments to the tune of millions of dollars were made during the period," a bank source said.

Kingfisher Airlines' balance sheets show that in 2009-10, the airline's minimum lease contributions for operating leases stood at an astounding Rs 5,878 crore. In addition, its finance leases added up Rs 920 crore. It was the highest in the domestic aviation industry at the time.

Said Bhattacharya: "It would be inappropriate for Kingfisher Airlines Ltd to make any comment since the matter is sub judice in various courts, including Bombay High Court."

It might have been over two years since Mallya's airline was grounded. Given the alleged recalcitrance of it owners to pay up the debts, there remains little hope that India's public sector banks can recover even a fraction of the Rs 7,000 crore Kingfisher Airlines owes them. That might be bad news for India's banking system, already saddled with bad debts worth over Rs 2 lakh crore.

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PostPosted: Tue Feb 17, 2015 11:39 am    Post subject: Reply with quote

This has been known since quite a long time.

Back in 2010, I saw one of the KF aircraft leased from "Chameli Air Leasing" registered in Caymen Islands or Ireland. Only our desi playboy can think of naming a company Chameli after seeing Kareena Kapoor's movie.

VJM Air Leasing, KF Aero Leasing, Kings Aero leasing, KF Turbo... Strangely I did not find any Praful Aero Leasing Co that time...
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PostPosted: Tue Feb 17, 2015 12:36 pm    Post subject: Reply with quote

Can't wait for the day that VJM is behind bars - along with his cohorts who perpetuated this disaster called Kingfisher airlines.
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PostPosted: Wed Feb 18, 2015 3:49 pm    Post subject: Reply with quote

Nimish wrote:
Can't wait for the day that VJM is behind bars - along with his cohorts who perpetuated this disaster called Kingfisher airlines.


+1 about this !
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PostPosted: Sat Feb 21, 2015 9:00 am    Post subject: Reply with quote

Kingfisher Airlines board accepts CEO Sanjay Aggarwal's resignation
News
20-Feb-2015 10:38 AM
Kingfisher Airlines Ltd stated (19-Feb-2015) the Board of Directors considered the resignation letter dated 14-Feb-2014 submitted by CEO Sanjay Aggarwal and has accepted the same with effect from 14-Feb-2014.
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PostPosted: Mon Feb 23, 2015 3:10 pm    Post subject: Reply with quote

Saw two ATR parked in BLR. Their registration is not Indian (VT) any more. Guess the lessor will take them somewhere soon
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PostPosted: Wed Feb 25, 2015 12:00 am    Post subject: Reply with quote

SBI Consortium takes over Kingfisher House in Mumbai

MUMBAI: Clamping down on Vijay Mallya-led UB Group to recover loans, a 17-bank consortium led by state-run SBI on Tuesday took over possession of the prized Kingfisher House, estimated to be worth Rs 100 crore.

The banks have taken possession of the over 17,000 sq ft property at Vile Parle, near the domestic airport here, as part of their efforts to recover the Rs 6,800 crore loan they had granted to the long-grounded Kingfisher Airlines.


http://timesofindia.indiatimes.com/business/india-business/Loan-recovery-SBI-consortium-takes-over-Kingfisher-House-in-Mumbai/articleshow/46360929.cms

Finally the banks are flexing muscle.. But a 100 Cr building is no compensation for a 6800 Cr loan. Wonder how they will get the rest.
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PostPosted: Wed Feb 25, 2015 7:00 am    Post subject: Reply with quote

http://www.dnaindia.com/money/report-veling-says-kingfisher-owes-it-20-million-2063934

Veling says Kingfisher owes it $20 million

25 February 2015

Mauritius-based company Veling Ltd said Kingfisher Airlines Ltd (KAL) owes it $20 million.

Veling terminated aircraft lease deal with KAL when the later had breached the terms of both leases and defaulted in paying the lease rentals and maintenance reserves of the two ATR aircraft.

In a reply to dna's report, 'Did Kingfisher money disappear in Cayman & Mauritius?' dated February 17, 2015, Mauritius based airline leasing firm Veling (Mauritius) Ltd said the lease transactions between Veling (Mauritius) and KAL were arms length transactions in the ordinary course of business. Veling had re-possessed the aircraft with great difficulty after terminating the leases.

Veling Narain (Mauritius) Ltd has already secured judgments against KAL from courts in the United Kingdom in respective of the outstanding dues. "Thus it is clear that the insinuations of collusion between Veling (Mauritius) Ltd & KAL are obviously imaginary & without a grain of truth," the company said.

dna had reported that lease payments made to Veling Narain (Mauritius) Ltd and Veling Sacheedanand (Mauritius) Ltd by KAL were far in excess of the prevailing market rates for the aircraft. dna's report was based on findings as mentioned in an SBI notice dated August 19, 2014, submitted to Bombay High Court by KAL. The notice, filed against KAL and its directors, details transactional anomalies that point to diversion of funds by KAL.

The Central Bureau of Investigation (CBI)'s independent probe on KAL's offshore payments to companies based in Cayman Islands and Mauritius points to over-invoicing of lease rentals and the use of public deposits in Indian banks to pay for the same.

This newspaper like other newspapers and TV channels has in the past reported about the Ernst & Young audit report and the ensuing SBI notice which had used the consultant's expertise in preparation. dna also extensively interacted with members of the banking consortium.

The article's focus was on the ongoing probe by CBI on Kingfisher's offshore money trail and it's similarity with the findings mentioned in the SBI notice against KAL. It is now understood that Veling (Mauritius) Ltd also owed money by KAL and has got possession of its two planes.

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PostPosted: Wed Feb 25, 2015 9:56 am    Post subject: Reply with quote

Incidently this lessor is now headed by Hitesh Patel - once the most key person in VJMs team
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PostPosted: Thu Apr 16, 2015 1:42 am    Post subject: Reply with quote

http://www.firstpost.com/business/mallyas-once-prized-private-jet-now-being-torn-apart-and-sold-as-scrap-2197386.html

Mallya's once prized private jet now being torn apart and sold as scrap

Apr 15, 2015

Mumbai International Airport is going ahead with its plan to sell the once-prized private jet of grounded Kingfisher Airlines proprietor Vijay Mallya, which it had acquired from the flamboyant liquor baron after the latter failed to clear dues of the now defunct carrier.

Priced at Rs 22 lakh, the 11-seater aircraft is being dismantled at the Mumbai airport, a Business Today report said, citing a Mid-Day story.

The jet was bought by Silent Enterprises in an auction announced by MIAL in early 2015. "The buyer, Silent Enterprises, hopes to recover the amount spent on it by taking apart the aircraft and selling its various parts as scrap," the Mid-Day report said.

Mumbai firm Silent Enterprises had announced a work order on 1 April and the process of dismantling started on 6 April.

"We are currently dismantling the engine of the mid-sized jet, which is the most difficult part to dismantle. Though we have been working on the aircraft for eight days now, we will need at least four more days to complete the work. We expect to get 6.5 tonnes of scrap metal from the jet," one of the supervisors looking after the process told Mid-Day.


Photos: https://twitter.com/HeadlinesToday/status/588277679943770113/photo/1
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PostPosted: Sat Apr 18, 2015 4:06 pm    Post subject: Reply with quote

It was a good craft that was not preserved well and now scrapped for a megre 22L.
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PostPosted: Mon Apr 27, 2015 10:43 pm    Post subject: Reply with quote

http://www.rediff.com/business/report/how-things-went-bad-to-worse-for-the-king-of-good-times/20150427.htm

Primarily because of Kingfisher airlines. This should serve as a warning to new any airline entrants - including Vistara, Air Costa, Pegasus etc. that managing an airline in India is a very difficult job.
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PostPosted: Thu Jun 25, 2015 4:48 pm    Post subject: Reply with quote

It occured in the late 90s....it occured nearly a decade later.
Unless laws are relaxed to encourage the Industry and P&N charges reduced, ATF prices reduced and Infrastructure developed....Things will not improve.
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PostPosted: Sat Nov 21, 2015 2:55 pm    Post subject: Reply with quote

http://www.reuters.com/article/2015/11/21/kingfisher-airl-assets-auction-idUSL3N13G04V20151121

Lenders to India's grounded Kingfisher Air to auction some assets

Nov 21, 2015


Lenders who are owed more than $1 billion by grounded Indian carrier Kingfisher Airlines Ltd are putting up for sale some of its assets including cars and forklifts.

An auction notice appeared on Saturday on the website of the trustee company representing the creditors.

Kingfisher, founded by liquor baron Vijay Mallya and once India's second-biggest airline, stopped flying three years ago as it ran out of cash. It owes money to its lenders, mostly state-run banks, and suppliers.

As of end-January 2014, the airline owed 69.63 billion rupees ($1.1 billion) to its banks, who are assessing interest of 15.5 percent a year on the debt.

On Dec. 7, the banks will sell moveable pledged assets through an auction over the Internet.

The reserve price for the assets going on sale has set at 6.5 million rupees, meaning that at most the auction will let the lenders recover just a fraction of what they are owed. The banks earlier this year took over $15 million worth of airline property after a two-year legal battle.


http://sbicaptrustee.com/Uploads/News/KAL_EAuction_Public_Notice_21112015.pdf
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PostPosted: Tue Nov 24, 2015 7:54 am    Post subject: Reply with quote

http://www.sify.com/finance/mallya-willing-to-settle-after-sbi-names-him-wilful-defaulter-news-news-plxl9Qabaagih.html

More recovery of loan of VJM from banks, but still only a fraction. If India had a bankruptcy code, may be this could have been more organized rather than this peacemeal approach.
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PostPosted: Thu Nov 26, 2015 7:52 am    Post subject: Reply with quote

http://www.mumbaimirror.com/mumbai/others/Scrap-dealers-rush-to-claim-Kingfisher-plane-parts-in-auction/articleshow/49927986.cms

Scrap dealers rush to claim Kingfisher plane parts in auction

Nov 26, 2015

Lenders offer vans, lifts, trolleys for sale to raise Rs 65 lakh; auctioneers say aircraft remains are in bad shape.

When Kingfisher launched international operations in September 2008, the prevailing wags had it that the new Airbus A320s the airline had acquired would never traverse the distance between Bangalore and San Francisco. The joke was that the gleaming toilets, the culturally relevant in-flight amusements, the abundant bar, and even (or perhaps especially) the weighty baritone of its leonine owner Vijay Mallya issuing from the aircraft's speakers, welcoming flyers, rendered the airline too heavy for long distance journeys.

The quipsters were being silly, and prophetic. The aircraft did take off, but the airline didn't. Unable to withstand high operating costs and with demands from lenders mounting, Kingfisher grounded most of its planes by February 2012. State Bank of India, one of those lenders, declared Mallya a "wilful defaulter" on November 23.

These days, the only people who have professed interest in the fittings that lined the innards of those Airbus A320s are scrap dealers from Mumbai who've signed up to bid for what remains of the planes (and other material acquisitions of Kingfisher), the unmoving moveable assets that are being auctioned online by SBICAP Trustee Company Ltd, which is in possession of the 75 "items". The auction is now open for scrutiny with an inspection scheduled for Monday. It will be held on December 7.

On offer are 15 cars, 11 minitrucks, four tractors, four forklifts, 15 trolleys, ten pushback vans, 11 aircraft pullers, cranes, shed ladders, fire extinguishers, generator sets, and trolley with staircases. Their worth is estimated at Rs 65 lakh.

Vishal Tiwari, a representative of Ahmedabad-based online e-procurement site Auction Tiger, which has been tasked with conducting the sale by bid, told Mumbai Mirror, "All the aircraft parts on auction are in bad condition. They have to be written off and cannot be scavenged to be retrofitted on another aircraft. As for the vehicles, there are some without steering wheels - probably already scavenged by the airline in its last days."

According to Tiwari his phone has trilled unceasingly from the moment the auction was announced. "These are calls from scrap dealers eyeing precious metals like platinum and palladium that are used in manufacturing aircraft parts," he said. "I have been getting a dozen calls each day. Aerospace scrap is worth more than automotive scrap and hence the interest it is generating," an official of SBICAP Trustee Company Ltd added.

Latif Mallik of Kurla-based Silent Enterprises is among those who will bid. "In April in an auction by Mumbai International Airport Ltd we successfully bid for 6.5 tonnes of scrap metal from Mallya's private jet for Rs 22 lakh. This time we are looking at a vast range that includes cars, tractors, forklifts, trolleys," he said.

Since all the hypothecated assets are located at two different sites within Mumbai airport, those who have shown interest are from the city. "Transportation outside Mumbai is not lucrative. So it makes sense for those scrap dealers having ready infrastructure in the city to bid," Tiwari said.

A group of former pilots with the airline said they would have loved to bid for a part or two as memorabilia. "The rules however require bidders to vie for all the parts up for auction. That would mean shelling out a minimum of Rs 65 lakh by us. Unfortunately, that is not something we can afford," one of the pilots said, requesting that his name be withheld.

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PostPosted: Sat Dec 05, 2015 7:36 am    Post subject: Reply with quote

http://www.mumbaimirror.com/mumbai/others/Mallyas-jet-set-to-be-sold-sans-its-Picassos/articleshow/50050181.cms

Mallya’s jet set to be sold sans its Picassos

Dec 5, 2015

The service tax department is set to auction a personal jet of Vijay Mallya that officials had impounded three years ago after his now-defunct Kingfisher Airlines failed to remit $28 million in service tax collected from passengers.

The Airbus jet 319, labelled VT-VJM after the liquor baron's initials, was once described as one of the world's most luxurious private aircraft.

Mallya bought it for $25 million and spent another $2 million on fixtures and improvements for the bar, dining room, bedroom, washroom and a business section. He used to keep four Picasso paintings and other expensive artefacts, including a picture of Lord Balaji that had 15 solitaries embedded in the forehead tikka.

A source in the service tax department said that the artefacts were later removed from the aircraft and were thought to be in Mallya's custody.

The aircraft, manufactured in 2006, is currently parked at Mumbai airport. The auction, ordered by the Bombay High Court, is expected to take place within a few weeks.

DGCA chief M Sathiyavathy confirmed the auction plan.

Aviation analyst Neelam Mathews said that the jet might appeal to a charter operator, and not a private citizen. "The official list price of the aircraft is about $40 million. The artwork on board was believed to be worth $10 million," Mathews said.

According to industry sources, a normal Airbus 319, with a base airframe, costs about $7 million. Mallya's jet, with 27 seats, cost more because of the improvements he made to it.

Airport officials said that a recent examination had revealed corrosion on the plane's exterior. But they added that it was otherwise in a good condition.

Operating an Airbus corporate jet 319 normally costs more than Rs 10 crore per year.

According to DGCA records, the jet's financing was handled by CJ Leasing Ltd, based in the tax haven of the Cayman Islands. An official in the service tax department said that if the company did not move court against the auction, it would be eligible to claim the amount that it was due to receive.



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PostPosted: Tue Dec 08, 2015 3:55 pm    Post subject: Reply with quote

747-237 wrote:
http://www.mumbaimirror.com/mumbai/others/Mallyas-jet-set-to-be-sold-sans-its-Picassos/articleshow/50050181.cms

[i]Mallya’s jet set to be sold sans its Picassos





Whoever buys it will remove all the usable spare parts and cut up the rest.

That poor thing ain't gonna fly no more.

It has probably been cannibalized and has huge corrosion issues, thanks to it being stored in the open air for three years in a humid and polluted place like Mumbai .

I remember seeing this bird in 2009 (or 2010? cannot remember), parked near BOM international terminal. There was some activity around and it looked like it was being prepped for a flight. The aircraft was shining like a pearl in the darkness. It looked beautiful.

Sad to see how it has ended up.
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PostPosted: Sat Dec 26, 2015 3:30 pm    Post subject: Reply with quote

What a fall.....I remember that ACJ in good times.
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PostPosted: Fri Mar 04, 2016 8:19 pm    Post subject: Reply with quote

Kingfisher Airlines founder Vijay Mallya said his "only regret" is that the airline is not operational at a time of low fuel prices, stating: "I have no regrets as such. Perhaps the only regret is that Kingfisher Airlines is not flying today when the oil price is so low" (PTI, 04-Mar-2016). Mr Mallya who inherited the UB Group from his father, said he has got “nothing to prove”. “I built India’s biggest beer company. I built India’s biggest spirits company. Okay, Kingfisher Airlines went wrong. But there is a whole list of reasons why it went wrong". He added: "Aisa nahi ki bewakoofi se band ho gaya [it did not shut down for some stupid reason]... There were genuine reasons. It did not go well. You experience ups and downs in life... [but in the end] I have enough to be proud of".
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PostPosted: Tue Mar 08, 2016 7:57 pm    Post subject: Reply with quote

http://www.hindustantimes.com/business/sbi-seeks-vijay-mallya-s-arrest-passport-impounded-in-kingfisher-loan-default-case/story-daB5jm1VZpLlTNHvHkGVvI.html?utm_source=facebook&utm_medium=fbpost&utm_campaign=business

Lenders (banks) are going after Mallya, calling for arrest.
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PostPosted: Wed Mar 09, 2016 10:12 am    Post subject: Reply with quote

Exploitation is in your blood: Kingfisher women staff to Vijay Mallya

http://www.india.com/news/india/exploitation-is-in-your-blood-kingfisher-women-staff-to-vijay-mallya-1017693/
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PostPosted: Wed Mar 09, 2016 10:13 am    Post subject: Reply with quote

http://www.livemint.com/Companies/7OOj7RAkJjZRMsfplIXpKN/Mallya-leaves-India-for-foreign-climes.html

Mallya leaves India for foreign climes

Mar 09 2016

UB Group’s former chairman Vijay Mallya has left India even as a consortium of banks and investigative agencies were closing in on him, two persons close to the development said.

The lenders were trying to prevent Mallya from leaving the country. They had also got a Bangalore debt court to temporarily halt payments from Diageo.

But Mallya may have outsmarted them by leaving India. He may also have got a significant part of the payment from Diageo, the Times of India reported Wednesday.

Mint couldn’t immediately confirm this.

A person close to the development said Mallya had left for London and may head for other foreign destinations even as his lawyers are battling several cases in India.

This person said Mallya is in talking to many leading lawyers to wriggle out of the current situation and safeguard the money he is to get from Diageo Plc.

He, however, denied that Mallya had fled.

“This is not a case of absconding. He is trying to buy time from banks and is looking for a one-time settlement. Banks may have to take a haircut and settle the issue rather than fighting a prolonged legal battle,” the person said.

A UB Group spokesperson said he is unaware of any such development.

Mint could not immediately contact Mallya.

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PostPosted: Fri Mar 11, 2016 6:59 am    Post subject: Reply with quote

http://timesofindia.indiatimes.com/india/Vijay-Mallya-flew-Jet-first-class-to-London-with-7-heavy-bags/articleshow/51352449.cms

Vijay Mallya flew Jet first class to London with 7 heavy bags

Mar 11, 2016

Indian banks may be looking for Vijay Mallya to pay up Rs 9,000 crore, but the "wilful defaulter's" flight out of India was in the lap of luxury. .

Mallya took Jet Airways' Delhi-London flight 9W 122 last Wednesday (March 2) at 1:30pm, said a top government official..

Accompanied by a woman, Mallya flew first class to London. And he did not travel light, packing a lot of stuff for his journey out of India. .

"He checked in seven big pieces of luggage. The meet and assist service provided to all first class passengers was accorded to Mallya and his companion," said a source. Locals in Hertfordshire, north of London, where Mallya has a luxury residence, confirmed spotting him.

"There was no bar on Mallya travelling abroad on the day he left India. Banks moved the SC to ensure he remains in India only after he left India. The timing is curious and points to someone tipping off Mallya about the banks' impending move because of which he chose to leave India and he did not travel light," said a former confidante, now among hundreds of unpaid Kingfisher employees.

Mallya took Boeing 777-300 extended range of Jet Airways to fly out of Delhi on March 2.

The identity of Mallya's woman companion could not be ascertained by the time of going to press. "She was not one of the famous models or Bollywood biggies who used to be seen with Mallya in his good days. This was not exactly a young or well known person," said a source.

Flying first class made sense for someone desperate to stay out of the limelight. It usually has low occupancy and the cabin crew is strict about not letting other flyers sneak in.

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PostPosted: Sat Mar 12, 2016 8:14 am    Post subject: Reply with quote

http://timesofindia.indiatimes.com/business/india-business/-Mallyas-private-jet-lies-unsold-at-Mumbai-airport-for-9-months/articleshow/51366435.cms

Mallya’s private jet lies unsold at Mumbai airport for 9 months

Mar 12, 2016

Former UB group chairman Vijay Mallya certainly didn't leave India on this jet plane. His private jet, an Airbus 319 (with call sign VT-VJM) continues to lie parked in a hangar of the Mumbai International Airport (Mial). It has been nine months since the Bombay high court allowed the service tax authorities to auction it to recover its dues worth Rs 50 crore..

The jet, which has top-ofthe-range comfort with generous seat width even in its standard 124-seat configuration, found no buyer in the only auction conducted after the high court order on August14, 2015, saidsources. In 2015, a new jet of the same make was priced at $89 million. Mallya flew out of the country on March2, 2016,the day banks movedthedebt recovery tribunal to have his passport impounded to help them recover their loans..

The jet remains detained and grounded, rent-free, occupying precious parking space at the Mumbai airport. One of the reasons for the plane not getting any buyer, said a source, was that the newowner would needto inject at least $10 million to make it airworthy as itis not being used..

The jet was attached by the service tax authorities in 2014 for its dues, and Mial moved the high court to get it removedfrom its premises as it was not earning any rent on it. "We will recover our dues for parking later," Mial had said in the court through its counsel Dinyar Madon.

CJ Leasing (Cayman) then movedthehighcourtin 2015, saying it was the owner of the plane, which it had leased to Kingfisher Airlines. Through its counsel Darius Khambata, CJ Leasing objected to the sale of the aircraft initially. However, after Mial made a case for its sale, the company agreed to auction by the Service Tax Commissioner but on the condition that the proceeds would be deposited with the highcourt's registry and not used to pay off the airline's debt.

P S Jetley, counsel for the service tax department, however, sought time to appoint a government-approved auctioneer capable of conducting a global auction for the aircraft, saying at least two monthswouldbe needed to conduct evaluation.

The airline's counsel, Milind Sathe, had assured that maintenance records of the aircraft would be furnished for evaluation.

In the HC, a consortium of lenders led by State Bank of India had also claimed first charge by way of mortgage on all assets of Kingfisher Airlines, excluding aircraft and assets which have been taken by the airline on hire basis.

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PostPosted: Tue Mar 15, 2016 4:27 pm    Post subject: Reply with quote

http://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/kfa-lenders-seek-fast-legal-action-to-recover-rs-350-crore-from-airbus/articleshow/51405829.cms


KFA lenders seek fast legal action to recover INR 350 cr from Airbus

15 March, 2016

Lenders to Kingfisher Airlines are seeking fast legal action against Airbus Industries to recover Rs 192 crore that the aircraft maker had received as advance payment for supplying aircraft to Vijay Mallya's Kingfisher while the order was subsequently cancelled.

Oriental Bank of Commerce (OBC), Corporation Bank and United Bank of India had disbursed the sum as a pre delivery payment on the basis of a tripartite agreement between the lenders, Kingfisher Airlines and Airbus. OBC was the leader of the consortium. But as the delivery of some aircraft did not happen and Kingfisher started defaulting bank loans, these lenders tried to impound the receivables from Airbus.

Total due from Airbus could be around Rs 350 crore including the accrued interest on the principal amount, sources in United Bank of India said.

The issue now been pending before the debt recovery appellate tribunal (DRAT) in Chennai for more than two years and lenders now are taking steps for early disposal of the case as the iron is hot now on the Kingfisher issue.

"We will make an appeal before DRAT for advancing the hearing date. We are in touch with OBC officials,' United Bank of India Executive Director Sanjay D Arya told ET.

The hearing is scheduled at April 7.

The loan was sanctioned in 2005, when Vijay Mallya launched Kingfisher Airlines. Part of the order was cancelled when the airlines stopped taking to the air in 2012. Banks took the issue to debt recovery tribunal (DRT) Bangalore in Janyary 2014, around two years after Kingfisher deefauled bank loans. At present, Mallya owes Rs 9000 crore to banks.

DRT Bangalore had passed an order for of attachment of the money lying with Airbus in February 2014 following which the aircraft maker appealed to DRAT Chennai saying that DRT Bangalore has no authority to pass the order as jurisdiction over this case should fall in London according to the agreement between the lenders, Kingfisher and Airbus.

"We have sought legal opinion on this matter and experts told us that there should not be any legal hurdle for a hearing in India," Arya said. "This has been another long drawn battle and we now looking forward to prompt judiciary action so that we can impound the receivables," he said.

The DRT Bangalore had given the order saying that the contract was signed in India between banks, Kingfisher and Airbus and the aircrafts were to be delivered in India, and the money was paid by banks in India.

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