Grounded Indian airline company Kingfisher Airlines has received a ‘no objection certificate (NOC)’ from various oil marketing companies, aircraft leasers and vendors, which comes as some relief for the struggling airline carrier as it tries to get back on its feet. Kingfisher Airlines is also believed to have made 7 ATR aircraft available for inspection by the DGCA, with a hope that its licence will be re-issued.
The once successful airline company has been going through a severe financial crisis over the past year, after having to face the ire of its unpaid staff and the suspension of its flying licence by the Directorate General of Civil Aviation (DGCA) in October 2012.
Kingfisher Airlines continues to try and woo its disgruntled employees and investors by promising them the involvement of foreign investors, revival plans and the infusion of funds. These plans have not yet materialized, even as the chief executive officer of Kingfisher Airlines Sanjay Agrawal met Arun Mishra (DGCA) on January 16, 2013.
Shares of the struggling airline company extended gains up up to 6 percent after news of the meeting and their stock traded 4.34 percent up at INR 14.68 on the Bombay Stock Exchange. The DGCA earlier wrote off a revival plan put forward by Vijay Mallya, who is Kingfisher Airlines’ chairman, by stating that to restart operations the proposed investment of INR 650 crore would not do the job.
