Join Hands to Build a Smarter India: Sign in | Join now
News

Realtors Serve Eviction Notice to Kingfisher Airlines, Negotiations on

Friday, 04 May 2012, 03:45 Hrs
29
32
54
10
Print Email
Bangalore: Two real estate developers have served eviction notices to Vijay Mallya-promoted Kingfisher Airlines for allegedly defaulting on rent payments on a Mumbai property since November 2011.

Airline sources confirmed the development and said the management is negotiating with the developers to resolve the deadlock.

“Senior airlines representatives are in talks with some of the developers for quite some time now to resolve the deadlock and arrive at a solution,” Kingfisher Airlines sources said.

The cash-strapped airline has a rented property in the Andheri (East) suburb of Mumbai, from where it runs part of its operations, while the main administrative office is located at Kingfisher House, which is owned by the company.

The airline’s spokesperson was not available for comment.

The notices by Mumbai-based developers – Samruddha Realtors and Dhruvam Realtors – are understood to have been served on April 11 through their lawyers, giving Kingfisher Airlines a month's time to vacate the Andheri (East) space held by the airline.

Kingfisher has been struggling for nearly a year and has been defaulting on payments. The airline has an estimated debt burden of over Rs 7,000 crore, and accumulated losses of Rs 6,400 crore.

On Thursday, Civil Aviation Minister Ajit Singh informed Parliament that the embattled airline owes Rs 272.5 crore to the Airports Authority of India.

Struggling to keep flying after the Income Tax and Service Tax departments froze its bank accounts earlier this year, the airline has been forced to sharply cut operations – it has shut down operations at a number of destinations, and has reduced its fleet size to 16.

It bank accounts were later unlocked after it made part payments to tax authorities. In early April, after employees threatened to strike work, the company also paid employees, many of whom had not received wages for months.
Source: PTI
Experts on SiliconIndia
Santhosh  K
Sr. Soft. Engg.
Oracle India
Nehal Vyas
Sr. Team Lead
Cyberoam Tech.
Rani Malli
Sr. Director
Philips
Ather Mohammad A
Sr. Executive
ISB
Vijay Balkrishna Konduskar
Business Consultant
Imans Web Tech
Dr L P  Sharma
Technical Director
NIC
Reena Khanna
Founder
Solitaireworld
Dellas  Asse
sys-network admin
Computer Station
Sign Up for DailyDose and Read the Day's Highlights
Write your comment now
Submit Reset
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved