NEW DELHI, March 20 (Reuters) - India may cancel Kingfisher Airlines’ licence if safety norms and financial viability conditions are not met, Aviation Minister Ajit Singh told reporters on Tuesday.
The cash-strapped carrier, which is now operating 18 planes, has failed to stick to its recovery plan, Singh said.
Kingfisher Airlines, which has a debt of $1.3 billion, is facing collapse as banks have refused to lend more for day-to-day operations. Massive cutback in flights have reduced revenues, leaving the carrier with little cash to pay its employees, airports and tax authorities.
Kingfisher Chairman Vijay Mallya will meet aviation regulator on Tuesday or Wednesday to discuss the recovery plans, Singh said. (Reporting by Anurag Kotoky; Editing by Rajesh Pandathil)