Kingfisher Airline warned to get capital by November 30

Kingfisher Airline warned to get capital by November 30

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Ailing Indian air carrier Kingfisher Airlines has been cautioned on November 6, 2012 by the State Bank of India that it will not be allowed to fly if it fails to bring in fresh capital by November 30, 2012. Pratip Chaudhuri, the chairman of SBI, while talking to the PTI said that the banks’ consortium has done everything possible for the airline to work.

Chaudhuri added that the management has to get capital and have been given time till November 30, 2012, within which they must get capital or the airline will not be allowed to fly. The chairman also said that the airline company will also not get any investors if it is not flying. It was also noted that a consortium of about 17 banks have been meeting regularly to help the cash strapped airline get back on its feet.