The hopes of resuming operations of crisis struck Kingfisher Airlines stand grounded as its revival plans were rejected by the Directorate General of Civil Aviation (DGCA).
The revival plan was submitted by Kingfisher Airlines CEO Sanjay Agarwal to the civil aviation regulator last week in New Delhi with the aim of renewing the flying license of the airlines which was suspended since December 2012.
Speaking on the sidelines of the FAA-Asia Pacific bilateral partners' meeting on Tuesday, DGCA chief Arun Mishra said there was "nothing much" in the latest revival plans submitted by the Airline's management.
According to reports, Agarwal had said that the airline would soon receive funds from its parent UB Group, following which it would be in a position to resume flight operations which were suspended since October 2012.
He went on to say that the plans included details of the procedures to restart the flight operations with seven planes, comprising five Airbus and two ATRs.
The management of the debt laden Kingfisher Airlines has sought the DGCA's nod as the airlines has not received the No Objection Certificate from Airports Authority of India (AAI) and the banks which had lent money to it.
Recently, a State Bank of India group entity, called SBICap Trustee Company, sold over 85 lakh shares of Kingfisher Airlines for a ₹7 crore deal. A number of other lenders to Kingfisher Airlines had sold other group firm shares pledged with them to recover their loans.
Meanwhile, the Airlines' shares plunged to a record low after lenders invoked pledged shares. "Kingfisher Finvest India and United Breweries (Holdings) combined holding in the company has declined to 28.57% on account of invocation of pledge created in favor of lender," Kingfisher Airlines said in a filing.