Mallya Hopes To Revive Kingfisher Airlines Soon

Admitting that the aviation industry was burdened with rising turbine fuel, depreciated rupee and other operational overheads, Mallya said recovery was not possible only through airfares.

"Negative reports in the media led to deals falling through and the employees' indefinite strike resulted in the license being revoked," he noted.

An employee, who was present at the AGM, however said, they (employees) had worked for seven months without salaries and forced to stop flying as the airline did not pay them for the last 14 months.

The cash-strapped airline reported a net loss of 4,301 crore for fiscal 2012-13, against a loss of 2,328 crore in 2011-12 and the Director General of Civil Aviation (DGCA) had suspended its permit in October 2012 on safety concerns and indefinite strike by its employees.

With an accumulated losses of 16,023 crore and a negative net worth of 12,919.81 crore, the airline has a debt of 8,000 crore from a consortium of 14 banks, aircraft leasing firms, airport operators, state-run oil marketing firms and other vendors.

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