The lessors have been negotiating with Kingfisher from the past few days after the airlines failed to pay required amount of money on a leased aircraft due to its worsening financial crisis.
According to sources, Kingfisher airlines is currently losing around Rs 3 to 4 crore per day, which is approximately Rs 100 to 120 crore a month.
Meanwhile, 167 Kingfisher flights have been cancelled since Tuesday (Nov 8). Earlier, on Nov 10, Aviation regulator Directorate General of Civil Aviation (DGCA) had issued a showcause notice to Kingfisher Airlines demanding an explanation for sudden flights cancellation.
Reacting to the matter, Kingfisher Airlines Chief Vijay Mallya Said that, "No shutdown, only ensuring loss minimisation by a flight rationalisation and enhanced revenue through reconfiguration of aircraft."
Moreover, the airlines has already returned about 14 narrow-body A320 aircraft since March this year due to cash burn, leaving it with only 20 planes.