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In a bid to recover more than Rs 9,000 crore, the lenders have now put <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines&amp;sortorder=effectivedate">Kingfisher Airlines’ logo</a> on sale with a base price of Rs 366.7 crore. 
 
The lenders have scaled up their efforts to recover the corpus amount from <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya.</a> The bids for the logo have to be submitted by April 30 and SBI Cap Trustee Co is in-charge of the auction process. 
 
“This is part of the 'sale of trademarks including the brand value of 'Kingfisher logo,” it stated. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">Vijay Mallya debt fiasco comes to some good use for Indian business schools</a> 
 
Also, brands and trademarks relating to the label mark of Kingfisher, Fly Kingfisher, the logo of the Flying Bird Device and the word mark 'Fly the Good Times' associated with KFA have been pledged with banks and will be for e-auction on April 30. 
 
However, there is a small catch as it is unclear how <a href="http://www.businessinsider.in/searchresult.cms?query=Heineken&amp;sortorder=effectivedate">Heineken</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=UNITED+BREWERIES&amp;sortorder=effectivedate">United Breweries</a> would take up the logo auction issue. As per reports, the trademarks and other promotional material surrounding the brand 'Fly the Good Times' belong to KFA and it is not clear how another beer company could use it. 
 
"There may not be any legal challenge in selling the brand, but there could be commercial challenges in terms of who would want to buy the brand," Prem Rajani, managing partner at Rajani Associates, a law firm, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
Till now, banks have attempted to <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">sell Kingfisher House in Mumbai</a> but did not receive any bids since the base price of Rs 150 crore, too high for many. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
(Image: Indiatimes)

To recover dues, Kingfisher Airlines’ logo will also go under hammer

<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"><keyword id="176803" type="PERSON" weightage="20" keywordseo="Saffronart">Saffronart</keyword> to help auction assets seized from alleged perpetrators in Punjab National Bank scandal.</li><li class="generic-article__summary--li content--li">The items include artworks, Hermes handbags, a Rolls-Royce and limited-edition watches. </li></ul>The Punjab National Bank scandal is likely to cost India’s second largest state-owned lender about US$2 billion. Sale of assets seized from the alleged perpetrators including diamond designer <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, starting this month, suggests a long road to recovery. Through the Enforcement Directorate, the agency responsible for fighting economic crime in India, the government has engaged Mumbai-based Saffronart to auction a litany of luxury goods to recoup its losses. The list includes prized artworks by Indian and Chinese painters, Hermes’ Birkin and Kelly handbags and a Jaeger-LeCoultre watch in platinum. A <keyword id="925742" type="COMPANY" weightage="20" keywordseo="Rolls-Royce-Ghost">Rolls-Royce Ghost</keyword> and a Porsche Panamera S are also going under the hammer. An on-site live auction is set for February 27 and an online bidding on March 3 and 4, with both events expected to raise US$5.7 million and US$7.1 million, respectively, the auction house estimated in an email to the Post on Wednesday. “These works are of significant interest to strong collectors and connoisseurs of Indian and Chinese art,” said Dinesh Vazirani, CEO and co-founder of Saffronart, which has conducted 250 auctions over its 20-year history. “In terms of interest, the bags and cars have a much wider appeal.” Diamond jewellery designer <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi fled India in 2018 after the Punjab National Bank scandal broke out. Photo: Mint via Getty Images Modi fled the country in early 2018, days before the scandal broke out revealing the issuance of letters of understanding for trade that bypassed Punjab National Bank’s internal controls. The Enforcement Directorate has since attached at least US$1 billion worth of assets belonging to Modi and other people charged in the case. Modi is being remanded in the UK’s Wandsworth prison until February 27 as he fights an extradition in a trial that is set to begin in May, according to an Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pnb-fraud-case-nirav-modi-to-appear-for-remand-hearing-in-uk/articleshow/73761275.cms" target="_blank" class="link-text">report</a>. on January 30. In another UK courtroom, <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> is appealing against his extradition as India’s government seeks to recover loans tied to the collapse of his <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, the Hindustan Times reported on Wednesday.<h4 style="margin-top: 0.714286rem; margin-bottom: 1.42857rem; font-variant: inherit; font-stretch: inherit; font-size: 2rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"></h4>The two cases bear some semblance to some of <keyword id="21718" type="LOCATION" weightage="20" keywordseo="Asia">Asia</keyword>’s biggest corporate scandals. Low Taek Jho has been in hiding since the US$4.5 billion scandal involving the looting at a Malaysian state investment fund. Carlos Ghosn fled to Lebanon after being charged for alleged financial misconduct while helming Japanese carmaker Nissan Motor. For India, they are emblematic of the state of its banking industry. Years of poor lending controls, weak recoveries and occasional frauds have saddled the financial system with ever more soured loans. The country’s 42 commercial banks collectively wrote off 2.12 trillion rupees (US$29.7 billion) of bad loans in 2018-19, the <a href="https://www.business-standard.com/article/finance/india-s-banks-wrote-off-rs-2-trillion-worth-of-bad-loans-in-2018-19-119112900099_1.html" target="_blank" class="link-text">Business Standard reported</a> , citing official data released in parliament. That was 42 per cent higher than a year earlier, and equivalent to about one-fifth of their non-performing assets, it said. For Saffronart, its business can do with some stamp of recognition. The government last year engaged the firm to auction a cache of works by Indian and Chinese artists, raising almost US$8 million for the tax recovery department. Saffronart has set the industry standard for the process of valuation for artworks and collectibles, Vazirani said, “based on expertise and data analytics.”

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

As per an internal report of India’s biggest lender, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), there is little hope left of recovering anything substantial from the <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>. The report says that SBI should expect a hit of about Rs 900 crore because of the bad debts in the grounded airlines.SBI leads a consortium of 14 banks that the Vijay Mallya-promoted airline owes money to and the loans are worth more than Rs 5,000 crore, excluding accrued interest, out of which SBI has a fund-based exposure of over Rs 1,200 crore. "It is the policy of the bank not to comment upon individual accounts and its treatment" an SBI spokesperson told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-now-expects-to-recover-only-part-of-kingfisher-dues-to-take-hit-of-rs-900-crore/articleshow/59008488.cms">ET</a>. As of now, <keyword id="6373968" type="PERSON" weightage="100" keywordseo="Mallya">Mallya</keyword> is in the UK and the Indian government has been fighting tooth and nail to extradite him, so that he can be put under trial for cases related to the airline's loan defaults. Mallya, however, has denied any wrongdoing.Banks now expect to recover about Rs 1,100 crore through the sale of pledged assets that are valued at Rs 1,565 crore, including Mallya's <keyword id="6360137" type="CITY" weightage="100" keywordseo="kingfisher">Kingfisher</keyword> villa in Goa. The villa was sold for Rs 73 crore in April as against the pegged market value of Rs 85 crore. "There are no takers for the Kingfisher Airlines brands which are valued (at) Rs 7-315 crore." a senior bank executive said. "Forget about brands, we have so far have struggled to sell even the real estate assets, such as <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, Mumbai."

Lost hopes! SBI expects to recover only part of Kingfisher loans

Banks have rejected debt-ridden <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s offer and now the Supreme Court has directed him to make a full disclosure of all assets. 
 
Not only this, the apex court has also sought reply on when Mallya would appear personally in the court after 17 lenders moved the court for the same. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-Rs-4000-crore-offer-doesnt-impress-banks-dont-want-any-terms-or-conditions/articleshow/51680083.cms">Vijay Mallya's Rs 4,000-crore offer doesn't impress banks; don’t want any terms or conditions</a> 
 
"There's no liquid money. Everything is tied up in contingencies. We will need court orders to pay," one of Mallya’s lawyers CS Vaidyanathan said. 
 
The next hearing of the case is on April 26. 
 
READ ALSO: <a href="http://www.businessinsider.in/To-recover-dues-Kingfisher-Airlines-logo-will-also-go-under-hammer/articleshow/51612220.cms">To recover dues, Kingfisher Airlines’ logo will also go under hammer</a> 
 
Meanwhile, the Enforcement Directorate had also asked Mallya to be present on April 9 regarding a Rs 900-crore loan from IDBI Bank. 
 The banks are seeking more than Rs 9,000 crore in dues from loans given to <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>, which is grounded since 2012. Mallya had left India last month for the UK.

Vijay Mallya to disclose assets, fly back to India as banks reject settlement offer

After receiving approval from the <a href="http://www.businessinsider.in/searchresult.cms?query=Securities+and+Exchange+Board+of+India+%28Sebi%29+">Securities and Exchange Board of India (SEBI)</a> for opening the Initial Public Offer (IPO), <keyword id="6354706" type="CITY" weightage="100" keywordseo="Indigo">IndiGo</keyword>'s parent InterGlobe Aviation is likely to open the Rs 2,500-crore worth IPO on October 26. 
 
The company is planning to issue fresh shares worth Rs 1,272 crore. An equivalent amount can be raised through sale of up to 3.01 crore shares by its existing shareholders. 
 
According to sources, the initial share sale might start on October 26 and end on October 28. 
 InterGlobe Aviation received approval from the <keyword id="6378893" type="UNKNOWN" weightage="40" keywordseo="market-regulator">market regulator</keyword> last month. 
 
The preliminary papers for the share sale -- for raising up to Rs 2,500 crore -- were filed in June this year. 
 InterGlobe Aviation runs India’s biggest airline by <keyword id="34527" type="UNKNOWN" weightage="60" keywordseo="market-share">market share</keyword> under the brand name <a href="http://www.businessinsider.in/searchresult.cms?query=IndiGo">IndiGo</a>, one of the two profit-making domestic airlines. The only other profitable airline is <a href="http://www.businessinsider.in/searchresult.cms?query=GoAir">GoAir</a>. 
 
In the last fiscal, the budget carrier saw its net profit jumping over four-fold to Rs 1,304 crore as it remained profitable for seven consecutive years. 
 
This was also the highest ever annual profit registered by the airline since its inception in 2005. 
 
It had posted a net profit of Rs 317 crore in the year ended March 31, 2014. 
 
IndiGo's good showing in the last financial year was mainly on account of higher revenues despite the <a href="http://www.businessinsider.in/searchresult.cms?query=domestic+aviation+sector">domestic aviation sector witnessing turbulent times</a> that adversely impacted the balance sheets of most local carriers. 
 
The carrier witnessed its revenues climbing to Rs 14,320 crore in the 2014-15 financial year. This is an increase of 25% from Rs 11,447 crore revenues recorded in the fiscal ended March 31, 2014. 
 At present, listed domestic airlines include <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> and SpiceJet while trading in long-grounded <a href="http://www.businessinsider.in/searchresult.cms?query=Kingfisher+Airlines+">Kingfisher Airlines</a> has been suspended for a long time. 
 
 (Image: Reuters)

IndiGo's Rs 2,500-crore IPO to open on October 26

Fresh clarifications have been sought from <keyword id="6354706" type="CITY" weightage="100" keywordseo="Indigo">IndiGo</keyword> on its proposed Rs 2500 crore initial public offer (IPO) by the capital market regulator <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">SEBI</keyword>. 

	Without disclosing the details of clarifications sought, the Securities and Exchange Board of India (Sebi) has said it is awaiting response from lead manager for the proposed public offer. 
 

	According to the latest weekly update on the processing status of draft offer documents filed with Sebi, the market regulator has said clarifications are awaited on IndiGo's IPO as of July 31, 2015. 
 

	The next update will be uploaded on Sebi's website on August 10. 
 

	The market watchdog said it might issue observations on draft offer document within 30 days after receiving a satisfactory reply from the lead merchant banker regarding the clarification or additional information sought from it. 
 

	Sebi had earlier this month also sought clarification from InterGlobe Aviation, which runs the country's biggest airline by market share under IndiGo brand. 
 

	The regulator received last communication from the merchant banker on July 29. Indigo had filed its draft offer document with Sebi on June 30, 2015. 
 

	As per the draft papers, the company has offered to issue fresh shares worth Rs 1,272 crore. An equivalent amount can be raised through sale of up to 3.01 crore shares by its existing shareholders. 
 Citigroup, JPMorgan India, Morgan Stanley, Barclays, UBS Securities India and <keyword id="106209" type="CITY" weightage="100" keywordseo="Kotak-Mahindra-Capital-Company">Kotak Mahindra Capital Company</keyword> are managers for the share sale. 

	IndiGo is one of the two profit-making domestic airlines. The only other profitable airline is GoAir. 
 The already-listed airlines in the country include <keyword id="6358200" type="CITY" weightage="100" keywordseo="Jet-Airways">Jet Airways</keyword> and SpiceJet while trading in long-grounded <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> has been suspended for a long time due to penal reasons. Last month, Sydney-based aviation think-tank <keyword id="109712" type="ORGANIZATION" weightage="100" keywordseo="Centre-for-Asia-Pacific-Aviation">Centre for Asia Pacific Aviation</keyword> (CAPA) had said IndiGo is estimated to have recorded a profit of USD 150-175 million in 2014-15. 

	The low-cost model using a single type of narrow-body planes is one of the contributing factors for IndiGo's profitability. 
 

	IndiGo was founded in 2006 by travel entrepreneur Rahul Bhatia and US Airways former chief executive Rakesh Gangwal.

	 
	 
	(Image credits: Indiatimes)

IndiGo’s Rs. 2,500 crore IPO comes under the scanner of SEBI

The reports of <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">Spicejet</keyword>’s anticipated demise are swarming around. Many believe that this low-cost carrier too will be a case of ‘history repeats itself’. While general public, who have bought the airline’s tickets during the periodic flash sales are worried about the future of their flights, many others are busy spotting similarities between Vijay Mallaya’s defunct Kingfisher Airline and <keyword id="144015" type="PERSON" weightage="20" keywordseo="Kalanithi-Maran">Kalanithi Maran</keyword>’s beleaguered carrier Spicejet over cups of coffee. 
	 
	However, the greater concern here is what would be the repercussions on the entire aviation industry in India if the carrier shuts its shops. “The investors’ confidence is already shaky as far as the aviation industry is concerned,” said aviation expert and editor of aviation journal Bangalore Aviation, Devesh Agarwal. 
	 
	Another airline going kaput only spells bad news for the industry. After all, there are several stakeholders involved in this sector. Not just the lenders and the creditors but also trade partners such as the aircraft manufacturer, airport operators, caterers, cabin crew companies among others. 
	 
	“Lenders are the worst hit since they may have to take a significant write-down of the loans that have gone bad. Creditors like oil companies, airport companies, service providers and employees may also have to forego their dues,” said an industry expert on the condition of anonymity. 
	 
	Besides, the airline has over 5,000 employees on its payroll. Imagine what their plight would be if the airline shuts down. The economy definitely cannot afford to see another bunch of unemployed workforce. According to a news report, the 5,300 employees of the airline are now panicking ever since they have heard of the financial crisis that their company is going through. 
	 
	"Over 130 pilots have put in their papers. The airline had 33 Boeing 737s some months back and now it has only 20 of those planes flying. Of these also, at least five may be taken back. The airline's daily flights are down from 332 in summer to less than 230 (on paper, at least) now. So, even if it does survive by a miracle, it will not need as many people," said the report quoted a distressed employee. 
	 
	Apart from pilots and engineers, the junior rung of employees will get badly hit. “Pilots and aircraft maintenance engineers can still land a job in other airlines but it is the junior staff like the ground staff that will be hit hard,” explained Agarwal. 
	 
	Nevertheless, while these may be some of the implications of an anticipated scenario, however, the ultimate and the biggest victim of another collapse, if there would be one, would be the end customers or the passengers. 
	 
	The prices will rise exponentially and the industry that is still pegged to be one of the fastest growing markets across the globe, will soon lose out a large chunk of its potential revenues—thus, causing a ripple effect on the entire industry. 
	 
	Image: Indiatimes.com

Why Spicejet
Crisis Is A Bad News For The Industry?

Former employees of the defunct carrier <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> are applying for jobs at soon-to-be launched <keyword id="2467342" type="UNKNOWN" weightage="20" keywordseo="Vistara">Vistara</keyword> airline, a 51:49 joint venture between Tata Goup and Singapore Airlines. 
	 
	“The counsel for Kingfisher Airline has told us that since the airline has not been operating, no revenue has been generated and hence they cannot pay us. It is good news for us that Vistara is coming up because most of us have joined the new airline,” said a former employee of the beleaguered carrier. 
	 Apart from Tata-Singapore Airlines's Vistara, many have also joined <keyword id="6354706" type="CITY" weightage="20" keywordseo="Indigo">Indigo</keyword>. “Both these airlines have Airbus 320 and since KFA had a fleet of Airbus 320, therefore, these suit us,” added the employee. 
	 
	It’s worth noting that Kingfisher airline has not paid its employees since 2012 and made promises of disbursal of salaries on several occasions. A section of the distressed employees have also submitted a plea in the Karnataka High Court for releasing the funds deposited with the court as a security. The employees had requested the Court to allow the management to access Rs 220 crore from the security (Rs 250 crore) deposited with the court, which came from UBHL stake sale to Diageo. 
	 
	Earlier this year, the employees also wrote to the labour Commission for the disbursal of the salary. Vijay Mallya was summoned by the chief labour commissioner to discuss the issue of unpaid salaries of the employees. 
	 
	Tata Group and Singapore Airline’s Vistara was scheduled to launch this month, however, aviation regulator Directorate General of Civil Aviation, has not yet issued the Scheduled Operator Permit to the airline. The airline took the delivery of its first aircraft Airbus-320 last month.

KFA
Employees May Join Vistara, Indigo

Mumbai, Apr 14 () With the central government extending the lockdown to May 3 and subsequently the suspension of all commercial passenger services also till then, domestic airlines have again decided not to refund the customers in cash for their cancelled flights and instead offer them rescheduling of tickets for a later date without any additional fee.India had imposed a 21-day lockdown from March 25 to curb the spread of the coronavirus pandemic. Consequently, all domestic and international commercial passenger flights were suspended for this time period.However, most of the airlines had been taking bookings except national carrier Air India for domestic flights for the period beyond April 14.After Prime Minister Narendra Modi announced the extension of lockdown till May 3, the aviation regulator DGCA issued a circular stating all international as well as domestic flights will remain suspended during the lockdown."Following orders from the Ministry of Civil Aviation issued to all airlines, we have extended the suspension of our operations until May 3, 2020."We are in the process of cancelling the affected bookings and we will offer customers free of charge rescheduling to another date until December 31, 2020," a Vistara spokesperson told in statement.The customer, however, will have to pay the fare difference, if any, at the time of rebooking, the airline said.A GoAir spokesperson said that it has already "factored in" these type of scenario and that the airline will review its earlier scheme of providing rescheduling free of cost at a later date while protecting their existing bookings for one year.The airline had on Monday announced that it was extending the "Protect Your PNR" scheme till April 30, 2020.Aviation consultancy Centre for Asia Pacific Aviation had last week termed the sale of tickets without a clarity on lockdown as "unfair to consumers"."The decision to allow opening of advance bookings from April 14 without a decision on lifting of the lockdown and likely structure of the transition period post the lockdown needs to be immediately reviewed as this is unfair to consumers," Centre for Asia Pacific Aviation (CAPA) said in a statement.Citing examples of erstwhile Kingfisher Airlines and now-defunct Jet Airways, CAPA said that the closure of these two carriers has "already resulted in massive losses to passengers as refunds couldn't be processed resulting in crores of losses to passengers".It may be mentioned here that the then customers of the erstwhile Kingfisher Airlines and Jet Airways could not recover their money which the two airlines had amassed on account of advance bookings only after their going belly up.CAPA in its March 18 report had stated that amid COVID-19 and in the absence of government support "several Indian airlines may shut down operations by May or June due to a lack of cash."Announcing that all its flights are cancelled till May 3, IndiGo said, it is in the process of cancelling the reservations."Your ticket amount is protected in the form of credit shell in the PNR, which can be utilised within one year of the issued date." Gurugram-based spiceJet also said the amount from the cancelled ticket will be maintained in a credit shell."We are cancelling the reservation of those who booked tickets for travel till May 3, 2020. Upon cancellation your entire amount will be maintained in credit shell and the same may be used for fresh bookings and travel till February 28, 2021, for the same passenger," it said. IAS MR

Airlines decline refund to customers for cancelled tickets as lockdown extended

After two years of radio silence, liquor baron Vijay <keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword> finally released a statement to the media via <a href="https://twitter.com/TheVijayMallya?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">his Twitter account</a> yesterday. In a five page letter, Mallya explained that he had filed a motion in the Karnataka High Court seeking permission to sell ₹139 billion worth of his assets to cover his outstanding dues with creditors. Mallya and his firms - the now defunct <keyword id="6360137" type="COMPANY" weightage="20" keywordseo="kingfisher">Kingfisher</keyword> Airlines and United Breweries - were declared wilful defaulters in late 2015. However, according to him, this designation came despite not one, but two, settlement proposals from his side. Also, he refuses to concede that the firms defaulted on their loans for any reasons other than “business failure”, when in reality, the government is pursuing fraud charges against him for money laundering and fund diversion. He currently owes a consortium of 17 state-owned banks around ₹99 billion, a bulk of which he says is “on account of interest”. Noting his disapproval at being made “the poster boy of bank default and lightning rod of public anger”, Mallya said that the overarching desire of government agencies wasn’t to collect evidence of criminal intent or allow him to cover his dues but rather to get him to India to face criminal charges. His extradition hearing in London is scheduled to end in late July. A pre-emptive plea The move comes a few days after the Enforcement Directorate (ED) initiated proceedings to declare Mallya a “fugitive economic offender” under a special ordinance and confiscate around ₹125 billion of his assets. This likely scared him into submission. Mallya concluded the letter by reiterating his desire to settle his dues with the public sector banks. However, other than asserting his desire to comply with the authorities, his plea is unlikely to change anything. He still has no desire to appear in court in India. Furthermore, his claims that he’s been trying to settle his dues since 2016 bear little credibility. Simply put, if he could pay back his loans in the last few years, he would have. This is the same person who threw a lavish 60th birthday party for himself merely weeks after Kingfisher Airlines defaulted on more than $1 billion worth of loans from the State Bank of India and had failed to pay its employees’ salaries. Offering to sell assets that are already slated for confiscation Most of the assets that Mallya has told the Karnataka High Court that he intends to sell are already on the chopping block, as notified by the ED. These include shares in firms like United Spirits and United Breweries, real estate properties like Kingfisher Villa and deposits with the court. Furthermore, Mallya is overestimating the value of his assets. For example, the Kingfisher Villa has been slated for sale for two years, but hasn’t been sold yet as buyers have steered clear. The reserve price has since fallen from around ₹850 million to ₹730 million. The ED has already moved a special court for permission to sell Mallya and his firms’ assets without a trial. A decision is expected within the next few months. In the meantime, if Mallya really wishes to shake off this “poster boy” image, he should come to India and face the charges in court.

Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/tomasdelcoro/26025515986/in/photolist-FDMzbS-7wGUD6-9pwQUk-ib8fjM-dTijUX-VBo4XK-4pPnaj-axmf7m-7FU314-4f4AbS-7ysC1h-4NiP4f-dEL7f4-dpA5Jv-5aPqzf-CLupz-ibp2QK-i86B5s-8eAf99-94j9pk-7amFnz-jjCREy-dVx4LA-fHvpB3-knWsza-8tzYdm-fHv1Rm-dEyPqe-qLcZ9T-8sPTQG-JVvRcq-7FU1e8-8sLQoV-T5ceAY-rs4Gw-8sPUj7-izykPg-9PHUhZ-8sPT5o-HGvvy4-dEyPBn-5aK3jH-fHxrdL-4EkWX5-8sLRJB-8sLQE4-eConhB-e1uJk2-7FY3JS-7FU4nV">Flickr/Tomás Del Coro</a>A Delta Air Lines Boeing 717-200.</div></div></div><ul><li>The Boeing 717-200 went out of production in 2006.</li><li>Only 156 of the planes have been built.</li><li>A decade later, the airlines that operate the 717 want more of them.</li></ul>On May 23, 2006, <a href="http://markets.businessinsider.com/stock/BA-Quote" target="_blank" rel="noopener">Boeing</a> delivered the last two 717-200 jetliners to customers at its Long Beach, California factory. It marked to the end of a program filled with promise but that had ultimately failed to capture the interest of airlines. Even Boeing's well-oiled sales operation could only manage to muster up 156 orders for the little 100-seat, short-haul-airliner.Currently, the 717 is operated primarily by four airlines; <a href="http://markets.businessinsider.com/stock/dal-quote" target="_blank" rel="noopener">Delta</a>, <a href="http://markets.businessinsider.com/stock/HA-Quote" target="_blank" rel="noopener">Hawaiian</a>, <a href="http://markets.businessinsider.com/stock/Qantas_Airways-Quote" target="_blank" rel="noopener">Qantas</a>, and Spanish low-cost carrier Volotea. With 91 of the planes in its fleet, Delta is the by far the type's largest operator.Incredibly, a decade after being axed from Boeing's lineup, airlines are scouring the planet looking for available Boeing 717s."These guys keep begging me to give them more 717s," <a href="http://www.businessinsider.com/airbus-bombardier-c-series-deal-challenges-2017-10" target="_blank" rel="noopener">Dinesh Keskar, Boeing's senior vice president of sales for the Asia Pacific and India</a>, told Business Insider. "But that era over and it's not going to happen."So how did a plane Boeing couldn't sell become an aircraft that airlines can't get enough of?<h2>The difficult life of the 717</h2>Well, there are several reasons, but first some background. Even though the 717 carries both the Boeing name and company's signature 7X7 naming scheme, it's not actually a Boeing. Rub on that Boeing logo with a brillo pad and some soapy water and you'll soon find the words McDonnell Douglas imprinted on the plane.<div class="KonaFilter image-container display-table"><div><div class="image on-image">AP</div></div></div>In 1997, Boeing acquired its long-time rival McDonnell Douglas for $13 billion. At the time, McDonnell Douglas produced the MD-11 widebody and the MD-80/90 narrow-body. Soon after the merger, Boeing phased out all of MD's commercial airliners. But, it spared a new variant of the iconic DC-9 airliner called the MD-95 that was set to enter service in 1999. (The MD-80/90 were also variants of the DC-9.)To make it fit better into the Boeing's portfolio of products, the MD-95 was rebranded the 717-200.However, that wasn't enough to convince to convince airlines to buy in.Even though it carried the Boeing name, it was still a plane designed and engineered by a different company with differing thinking and philosophies. Thus, the 717 was an orphan that didn't belong to any of Boeings product families."We have the 737MAX 7,-8,-9, and -10. We have a family," Keskar said. "You talk to others and they'll tell you that family has a lot of value."For airlines, there's great financial incentive to have aircraft of varying sizes and roles being operated by the same crew and serviced by the same maintenance teams using the same spare parts. There's a whole of synergy there. Even though the McDonnell Douglas DC-9/MD-80/MD-90 still served as the backbone of many major US airlines like American, Northwest, and Delta, none of the big boys would take the bate. In fact, when American acquired Trans World Airlines in 2001, it sold off all of its 717s. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Wikimedia Commons</div></div></div>During the turbulent days of the early 2000s, the airline industry was reeling from the terrorist attacks on 9/11 and spiking fuel prices. Which means many of the 717's potential customers were either in no financial position to buy any planes or were dumping its aging MD fleet in favor of more fuel-efficient planes like the Boeing 737NG or the Airbus A320.Interestingly, the people who did buy the plane loves them."They're brilliant aircraft. Anyone who has them wants more of them," <a href="http://www.businessinsider.com/qantas-ceo-alan-joyce-on-the-dreamliner-versus-a380-c-series-safety-2017-10" target="_blank" rel="noopener">Qantas CEO Alan Joyce told Business Insider</a>. And Hawaiian Airlines CEO Mark Dunkerley echoed those sentiments."It's great little secret. For what we do here in Hawaii, there's no better aircraft built today or even on the drawing board."Delta CEO Ed Bastian also praised the 717 for its durability and reliability during a recent interview with Business Insider. <h2>The rebirth of the 100-seat airliner </h2>As with many things in life, what is old is new again. As the airline industry recovered, demand for air travel boomed while investors ratcheted up the pressure to lower unit costs. The solution; upgauging to bigger planes. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Qantas</div></div></div>As a result, Boeing and Airbus both neglected the 100-150 seat market in favor of bigger, pricier, and higher margin models. While this was happening, another little phenomenon happened in the airline industry, the regional jet. During the 2000s, Bombardier's CRJ and Embraer ERJ made their presence felt in a big way by offering small 50-70 seat regional jets that allowed airlines and their regional partners to serve routes traditionally operated by turboprops with jets."Back in 2009 we had over 500 small aircraft," Bastian said. "The CRJ-200 was our predominant fleet type."Over time, airlines began to upgauge their regional jets with mainline aircraft. That's where the 717 jumps back into the picture.With around 100-130 seats, the 717 is the perfect size aircraft to take over for regional jets. In fact, <a href="http://www.boeing.com/resources/boeingdotcom/company/about_bca/startup/pdf/historical/717_passenger.pdf" target="_blank" rel="noopener">Boeing used to market the 717 </a>as the "Full-size airplane for the regional market."<div class="KonaFilter image-container display-table"><div><div class="image on-image">APA Delta Connection Bombardier CRJ.</div></div></div>"The 717 is very much about how do we get out of the regional jets," Bastian said. "Customers hated the small regional jets, our employees hated them because they looked at it as an outsourcing of their jobs, and our [investors] hated them because they're fuel inefficient and their ownership costs were escalating.""Even the regional operators didn't the like them cause they are losing money on it because we had the contracts screwed down pretty low," Bastian added. With the addition of AirTran Airways' fleet of 88 717s following the low-cost carrier's acquisition by Southwest, Delta was able to drop 200 regional jets from its fleet.Unfortunately, for Delta or anyone else looking to their hands on a batch of 717s, they are pretty hard to come by. Delta currently operates roughly 60% of all 717s ever made while Qantas and Hawaiian, the second and third largest operators, have no plans to relinquish their planes anytime soon. And while Volotea's said that they will replace their 17 717s with Airbus A319s, there still aren't that many of the 100-seaters out there.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/redlegsfan21/15603611143/in/photolist-pLQzYk-hzHVcs-6h4Qbt-TAducF-7v6dvy-9bbvpv-e7Df7t-e88QZf-9pvj24-8xo4Nn-9BtWzM-2tbiUS-FDMzbS-7wGUD6-9pwQUk-ib8fjM-dTijUX-VBo4XK-4pPnaj-axmf7m-7FU314-4f4AbS-7ysC1h-4NiP4f-dEL7f4-dpA5Jv-5aPqzf-CLupz-ibp2QK-i86B5s-8eAf99-94j9pk-7amFnz-jjCREy-dVx4LA-fHvpB3-knWsza-8tzYdm-fHv1Rm-dEyPqe-qLcZ9T-8sPTQG-JVvRcq-7FU1e8-8sLQoV-T5ceAY-rs4Gw-8sPUj7-izykPg-9PHUhZ">Flickr/redlegsfan21</a></div></div></div>Since discontinuing 717, Boeing has also stopped selling the smallest variant of the 737, the 737-600. As a result, the company has abandoned the 100-150 seat market. That's where a plane like the Bombardier C Series, now under Airbus control, comes into the picture. The CS100 is of a similar size to the Boeing 717, but much greater range and fuel efficiency.According to Bastian, Delta's long-term plan is to eventually replace the airline's older 717s with the 75 CS100 jets it has on order. Two decades after it first flew, the Boeing 717-200 is still going strong. Even though Boeing didn't sell many of them, those that did buy the 717 can't get enough of them. That's a sign of a great plane.Get the latest Boeing stock price<a href="http://markets.businessinsider.com/stock/BA-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/cryptocurrency-value-explained-by-crypto-hedge-fund-cio-ari-paul-2017-11">The CIO of a crypto hedge fund explains the value in cryptocurrency - and why the market will explode over the next 2 years</a></h3> <div> </div> </div>

How the Boeing jet no one wanted became the plane airlines scour the planet for

<div class="KonaFilter image-container display-table"><div><div class="image on-image">APDelta CEO Ed Bastian said that the airline was committed to its headquarters in Atlanta, Georgia.</div></div></div><ul><li><a href="http://www.businessinsider.com/category/delta" target="_blank" rel="noopener">Delta</a> CEO Ed Bastian defended his company's decision to cut ties with the <a href="http://www.businessinsider.com/category/national-rifle-association" target="_blank" rel="noopener">National Rifle Association</a> in a <a href="https://news.delta.com/ed-bastian-memo-delta-and-school-safety-debate" target="_blank" rel="noopener">memo issued to employees</a> on Friday. </li><li>Since Delta ended its relationship with the NRA last Sunday, the company has faced backlash from some customers and Georgia lawmakers. On Thursday, the <a href="http://www.businessinsider.com/georgia-gop-blocks-delta-tax-break-after-airline-cuts-ties-with-nra-2018-3">Georgia legislature passed a bill</a> that would end the company's jet fuel tax exemption. </li><li>Bastian said that the company's decision to end its relationship with the NRA was not made for "economic gain" and that its "values are not for sale."</li><li>Bastian also said that the airline was committed to its headquarters in Atlanta, Georgia. </li></ul>In a memo to employees on Friday, Delta CEO Ed Bastian defended his company's decision to cut ties with the NRA and said the airline may even end more partnerships that are politically divisive. Since the airline <a href="http://www.businessinsider.com/delta-united-airlines-cut-ties-with-nra-2018-2" target="_blank" rel="noopener">ended its relationship with the NRA</a> last Sunday, the company has faced backlash not only from some customers, but also from Georgia lawmakers. On Thursday, the <a href="http://www.businessinsider.com/georgia-gop-blocks-delta-tax-break-after-airline-cuts-ties-with-nra-2018-3" target="_blank" rel="noopener">Georgia legislature passed a tax reform bill </a>that excluded a provision that exempts airlines from paying the state's sales tax on jet fuel. The change means Delta will be losing out on a $40 million exemption. The state's Republican governor, Nathan Deal, has said he would sign the bill into law. Despite the move by Georgia lawmakers, Bastian said in the memo that the company stands by its decision. "While Delta's intent was to remain neutral, some elected officials in Georgia tied our decision to a pending jet fuel tax exemption, threatening to eliminate it unless we reversed course," Bastian said in the memo."Our decision was not made for economic gain and our values are not for sale. We are in the process of a review to end group discounts for any group of a politically divisive nature."Bastian also said that the decision to abandon the tax exemption would not change the company's commitment to Atlanta as the location of its headquarters. You can read Bastian's full statement below. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/blockchain-explainer-and-potential-2018-1">Here's a great explanation of what the blockchain is from the person tasked with explaining it to the world</a></h3> <div> </div> </div>

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