‘KFA needs at least R1K cr to restart’

Kingfisher Airlines needs at least Rs 1,000 crore to restart its grounded operations and must also demonstrate an ability to sustain itself for at least 6 months, civil aviation minister Ajit Singh said on Tuesday.

A source said the government was willing to support a rescue plan from Kingfisher if it could settle months of salary due to employees, sending the airline's shares up as much as 9 per cent. Singh said all stakeholders will have to give no-objection certificates for the carrier to fly again.

Meanwhile, the Supreme Court adjourned by four weeks a hearing on Kingfisher Airlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crore with the IT department as tax deducted at source from its employees' wages.

The apex court deferred the hearing after the airline's counsel submitted that "serious negotiations" between the company and the investors were underway.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.