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Kingfisher Airlines was established in 2003.

It is owned by the Bengaluru based United Breweries

Group. The airline started commercial operations in 9 May 2005 with a fleet of four new Airbus A320200s operating a flight from Mumbai to Delhi.[9] It started its international operations on 3 September
2008 by connecting Bengaluru with London. Kingfisher's head office is located in The Qube
in Andheri (East), Mumbai and its registered office is located in UB City, Bengaluru.[10][11] Its head
office was previously in the Kingfisher House in Vile Parle (East), Mumbai.[12] In 2012 Vijay
Mallya was trying to sell the Vile Parle Kingfisher House.[13] With the freezing of the bank accounts of
the airline by the Indian Income Tax Department, the airline entered a period of financial unrest. [14]
In September 2011, the chairman and managing director of Kingfisher Airlines made following
disclosure to the Bombay Stock Exchange(BSE); "The Company has incurred substantial losses and
its net worth has been eroded. However, having regard to improvement in the economic sentiment,
rationalization measures adopted by the Company, fleet recovery and the implementation of the debt
recast package with the lenders and promoters including conversion of debt into share capital, these
interim financial statements have been prepared on the basis that the Company is a going
concern and that no adjustments are required to the carrying value of assets and liabilities" [15] This
filing was widely covered by Indian and international print and electronic media and analysts. It was
stated by analysts and media that the company needed capital infusion to remain viable and this has
pushed shares to near historic lows.[16] Kingfisher Airlines Lenders later stated that they consider that
company is viable.[17] On 15 November 2011 the airline released poor financial results, indicating that
it was "drowning in high-interest debt and losing money". Mallya indicated that his solution was for
the government to reduce fuel and other taxes. The government was engaged in assessing whether
to bail out the company and other airlines or let market forces determine which ones survive. [18]

A closed counter after Kingfisher Airlines stopped its service

Ever since the airline commenced operations in 2005, it reported losses. After acquiring Air Deccan,
Kingfisher suffered a loss of over 10 billion (US$160 million) for three consecutive years. By early
2012, the airline accumulated losses of over 70 billion (US$1.1 billion) with half of its fleet grounded
and several members of its staff going on strike. Kingfisher's position in top Indian airlines on the
basis of market share had slipped to last from 2 because of the crisis. In December 2011, for the
second time in two months, Kingfisher's bank accounts were frozen by the Mumbai Income Tax
department for non-payment of dues. Kingfisher Airlines owes 70 crore (US$11 million) to the

service tax department.[19] Indian tax body also stated that Kingfisher Airlines is delinquent [20] On 20
October 2012, Kingfisher's licence was suspended by the Directorate General of Civil Aviation after it
failed to address the Indian regulator's concerns about its operations. [21] On 25 February 2013, its
international flying rights and domestic slots were scrapped by the Indian aviation authorities. [22]
In July 2014, Kingfisher Airlines has appeared as the country's top NPA after it has failed to repay
loans of over Rs 4,000 crore borrowed mainly from state-owned banks. [23]