Airlines that went bust in past two decades
There were quite a few airlines that faced turbulence before shutting down. ET lists the airlines that went bust in the past two decades:
By Manisha Singhal, | Updated:
Kingfisher is not the first in India to face the ignominy of a show-cause notice from the regulator. Before it hit an airpocket, there were quite a few airlines that faced turbulence before shutting down. ET lists the airlines that went bust in the past two decades:
East West AirlinesFounded: 1991
ADVERTISEMENT
A beneficiary of the Open Skies policy of 1991, it started opearations in 1992 with three Boeing aircraft. Flew on Mumbai and some south Indian routes.Fleet: Eight 737s and 3 Fokkers
Ceased operations: 1996
Reasons for crash: Ran into financial trouble after managing director Thakiyudeen Wahid was shot dead. It also had legal troubles with a US-based equipment supplier, and requested for withdrawal of licence in 1996 when a Delhi High Court judgement went against it.
ADVERTISEMENT
Damania AirwaysFounded: 1993
Floated by Damnia brothers, Parvez and Vispi, Mumbai-based industrialists with interests in poultry.
Fleet: Two Boeing 737s
Ceased operations: 1997
ADVERTISEMENT
Reasons for crash: Promoters could not sustain operations, sold it to Ravi Prakash Khemka. Renamed Skyline NEPC, but soon ceased operations due to non-payment of dues.
ModiLuftFounded: 1993
One of the better managed Indian private carriers, ModiLuft was a venture between industrialist SK Modi and Lufthansa AG, which provided technical support
Fleet: 5 Boeing 737s
Ceased operations: 1996
ADVERTISEMENT
Reasons for crash: Was unable to continue German partnership. Promoter sold stake to UK-based Bhupendra Kansagra, who renamed it Royal Airways. Remained defunct for a while, but retained licence. Now operates as SpiceJet. Paramount AirwaysFounded: 2005
Started by M Thiagarajan as an all-business class carrier. Airline did well, operated on short-haul routes in the South and commanded a 26% share of that market.
Fleet: 5 Embrarer E170s
Ceased operations: 2010
ADVERTISEMENT
Reasons for crash: Could not sustain operations. Licence was cancelled in 2010 after lessor GE Commercial Aviation seized 3 aircraft, reducing its fleet below the mandated 5. Co HQ raided in conncection with non-payment of dues.MDLR AirlinesFounded: 2007
Started operations as a regional airline, was based in Gurgaon
Fleet: 3 RJ70 Avro Aircaraft
Ceased operations: 2009
Reasons for crash: Missed lease payments. Recently, the owner of the closed airline, Gopal Kanda, gained notoriety when an employee committed suicide and left behind a note accusing him of harassment.
ADVERTISEMENT
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
