Kingfisher Airlines' flying licence has been suspended on Saturday Oct 20,2012 by the aviation regulator for failing to come up with a viable financial revival plan The Vijay Mallya-promoted airline, which has not operated a single flight since October 1, had been asked by the Directorate General of Civil Aviation (DGCA) to explain by today why its licence should not be suspended or cancelled. But its response to the show cause notice was reportedly not satisfactory - the airline had asked for more time and a personal hearing, but gave no details on a financial plan or operational plans, which is what the DGCA had asked for.
The airline currently has only 10 operational aircraft compared to 66 planes a year ago. It is reeling under a $1.4 billion (Rs. 7,524 crore) debt and has accumulated operating losses of Rs. 8,000 crore.
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