Kingfisher has six Airbus planes leased from ILFC in its fleet of 42 aircraft and the leasing company has taken back four planes from the Vijay Mallya owned carrier
Mumbai: Five planes of Kingfisher Airlines have been grounded - four taken back by US-based leasing company International Lease Finance Corp (ILFC) and one confiscated by the service tax department -- compounding troubles for the beleaguered carrier, reports PTI.
Neither Kingfisher nor the lessor - International Lease Finance Corporation (ILFC) - offered any comment.
"One more lessor, International Lease Finance Corporation has taken back four Airbus planes from Kingfisher following non-payment of lease rentals," sources said, adding that the aircraft are now parked at the Mumbai airport.
According to the sources, Kingfisher has six Airbus planes leased from ILFC in its fleet of 42 aircraft.
ILFC did not comment on the issue. "At this time we are not offering any comment on Kingfisher," an ILFC spokesperson said in an email response from the company headquarters in Los Angeles.
It could not be ascertained as to how much was the amount pending for payment to ILFC.
Kingfisher spokesperson too responded in a similar manner saying it does not comment on its relationship with vendors.
However, the Service Tax Department confirmed on Tuesday that it had confiscated an ATR plane from the carrier for defaulting on tax dues running into Rs63 crore.
The airline owes Rs190 crore in service tax dues of which the airline has contested the department's claim for Rs127 crore in arrears.
The developments come amid reports that Kingfisher is working on a revival plan to be presented to the aviation authorities by the end of this month.
CBI claimed exemption without explaining how disclosing the information on why the agency decided not to prosecute Mukesh and Anil Ambani in the Reliance Infocomm case would affect the court case. The claim was denied by the CIC. This is the eighth in a series of important judgements given by Shailesh Gandhi, former CIC that can be used or quoted in an RTI application
According to the ratings agency, withdrawal of an obstinate coalition partner and a flurry of pro-business reforms designed to lift Indian economy from its funk
New Delhi: Withdrawal of support to government by an 'obstinate coalition partner' and flurry of reforms have improved India's growth prospects in 2013, said global rating agency Moody's, reports PTI.
"...(growth prospects have improved) with a new finance minister, the withdrawal of an obstinate coalition partner and a flurry of pro-business reforms designed to lift the economy from its funk...These moves are working," Moody's said in a report.
The government has been able to push through economic reforms, especially allowing foreign investment in multi-brand retail, after withdrawal of support by Trinamool Congress.
The government had also expressed its commitment to raise FDI cap in the insurance sector. This would require approval of Parliament.
Noting that "policy missteps and political paralysis" crushed business confidence and investment in 2012, the Moody's report said, "India should ...enjoy a better 2013, though for different reasons."
The report said Asia's economies have weathered the global downturn and will enter 2013 in comparatively good shape. Risk levels appear manageable, domestic policy settings remain highly accommodative, and the global outlook has begun to stabilise.
P Chidambaram took over the finance portfolio in August when the then Finance Minister Pranab Mukherjee became the Presidential candidate.
Mukherjee was later elected as President.
The rating agency further said that near-term risks around India's fiscal and external deficits have receded.
"Business groups are more upbeat; this will translate into better investment and GDP growth, but not until well into 2013. The moves help to lock in our longer-term outlook," the it said.