Vijay Mallya, the chairman of the UB Group and promoter of languishing airline Kingfisher Airlines (KFA) says that his airline won’t shut down as it is against national interest. Countering media reports, he further stated that what he’s looking for is not a bailout from the government but an infusion of capital from a consortium of banks. The cash-strapped KFA has been staring at the abyss with a series of events including canceled flights, pilots quitting en masse and repeated flight delays. Mallya wants KFA’s bank accounts unfrozen (this, after the company failed to pay income tax dues), allow foreign institutions invest in domestic airlines and import of aviation fuel.
Considering KFA is falling apart due to severe financial duress should the banks or the government bail out the struggling airline? Share your opinion in the comments section below.