Kingfisher Airlines, launched by Vijay Mallya's UB Group on 9 May 2005, never made an annual profit. Losses, the Air Deccan deal, debt of about Rs 7,000 crore…
Vijay Mallya's UB Group launched it with four new Airbus A320s, seat-back screens and gourmet meals.
UB Group paid about Rs 550 crore for 26% of Air Deccan, India's first low-cost carrier.
Merging into older Deccan Aviation met the five-year rule. Bengaluru-London flights began.
Never. It lost about Rs 1,609 crore and Rs 1,647 crore in two fuel-shock years.
18 lenders cut rates and turned up to Rs 1,355 crore of loans into shares.
The low-cost arm was dropped as salaries began running late and flights were cancelled.
SBI and others classed the loans as NPAs. Only 22 of 64 aircraft were flying.
Staff owed months of salary stopped work and the airline declared a lockout.
The DGCA suspended its permit. It lapsed on 31 December 2012 and Kingfisher never flew again.
He moved to the UK. India won an extradition order in 2018 and named him a fugitive in 2019.
A tribunal released Rs 311.67 crore from recovered assets for former staff.
No. The ED says Rs 14,132 crore went back to banks; banks say Rs 8,752 crore is still due.
Read the complete story, FAQs and key facts.