India may cancel Kingfisher Airlines' licence if safety norms and financial viability conditions are not met, Aviation Minister Ajit Singh told reporters on Tuesday.
The cash-strapped carrier, which is now operating 18 planes, has failed to stick to its recovery plan, Singh said.
Kingfisher Airlines, which has a debt of $1.3 billion, is facing collapse as banks have refused to lend more for day-to-day operations. Massive cutback in flights have reduced revenues, leaving the carrier with little cash to pay its employees, airports and tax authorities.
Kingfisher Chairman Vijay Mallya will meet aviation regulator on Tuesday or Wednesday to discuss the recovery plans, Singh said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app