India does not have a formal bankruptcy process. Liquidation pleas could take years before a final verdict.
Notices have been issued to the company for penal damages.
Till now in Kingfisher, the number was not fixed and depended on the number of hours flown.
The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.
Price has been fixed at Rs 85.3cr
The 17-lender consortium, led by State Bank of India had put on auction the property with a reserve price of Rs 115 crore, which was 15% less than the second auction of the property held in August
Vijay Mallya-promoted Kingfisher Airlines is flying into turbulence. More than 150 of its pilots have left in the past year-and-a-half, citing various reasons. Even though others have joined, the current shortage is estimated at 35 pilots, forcing the airline to ground some of its aircraft, cancel leaves of flight commanders, and put senior executives from the operations department on flying duty.
Frustrated over not getting salary for last 10 months, Kingfisher Airlines employees on Wednesday asked the government to prosecute promoter Vijay Mallya and threatened to disrupt IPL matches.
Kingfisher House is one of the prime real estates of the airline.
Kingfisher Airlines may cut jobs, UB group chairman and CEO Vijay Mallya said on Thursday.
According to sources, Kingfisher Airlines has started disbursing salaries to some of its employees apart from approaching the aviation regulator seeking licence renewal.
According to a survey, Indigo is presently the favourite domestic airlines of travellers. It replaced Kingfisher, which won twice in the past.
State-run IDBI Bank is one of Kingfisher's more than a dozen creditor banks.
A sneak peek at the Kingfisher Calendar 2019.
Kingfisher, which lost its operating licence at the end of 2012 and has not flown since the start of October, is estimated to owe $2.5 billion in debt to banks, staff, vendors and others and is scrabbling to find new investors.
The 12,350 sq mt Villa was once used by Mallya to host lavish parties in his 'good times'.
Under DGCA norms, aircraft can't take off unless its worthiness is certified by airline engineers after safety check-ups
The airline shut shop in October 2012.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Mallya and his UB Group companies, including Kingfisher Finvest, held a 32.12 per cent stake in the airlines as of September.
Calcutta HC dismisses United Bank of India's decision on technical grounds
Kiran Rao, executive vice president (sales and marketing, customer affairs) of Airbus, said they have not 'suspended' Kingfisher orders but 'asked' the airlines not to take deliveries.
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
Pilots have been protesting since Thursday against non-payment of their due salary.
Airline's lenders to meet next week to discuss next move.
Kingfisher Airlines on Tuesday decided to suspend all international flights from March 25 and further curtail domestic operations even as government warned the ailing carrier that its flying licence can be cancelled if it failed to meet safety norms.
The Kingfisher Calendar 2016 crew and celebrity photographer Atul Kasbekar headed to Seychelles to shoot this calendar.
Civil Aviation Minister Ajit Singh had on Monday ruled out any bailout of the airline.
Prospective bidders had earlier termed the reserve price as too high, while multiple legal woes of Mallya-led UB Group are also being cited by many as reasons for lack of interest in buying this property
SFIO is looking into the role of Grant Thornton LLP which had valued the brand.
Low-cost carrier Deccan and Vijay Mallya-led Kingfisher Airlines on Wednesday decided to merge and create a single corporate entity to cut down operational costs and accelerate their journey to profitability.
The auction of Kingfisher House, which has a built-up area of over 17,000 sq ft and is located in the plush Vile Parle area, is scheduled to begin at 1100 hrs on August 4
The government recently allowed the foreign carriers to have a 74 per cent stake in Indian cargo carriers. A total of 49 per cent FDI was earlier allowed in the cargo sector, but no investment by a foreign airline was permitted.
The Kingfisher House has a built-up area of over 17,000 sq ft and is located in plush Vile Parle area near domestic airport in Mumbai.
Atul Kasbekar on the making of the Kingfisher Swimsuit Calendar 2018.
HPCL is the largest supplier of jet fuel to Kingfisher.
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
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