(MENAFN) India's No.2 airline Kingfisher Airlines Ltd. has lost its license after failing to provide a funding plan for its recovery, Bloomberg reported.
An aviation ministry official said that the license issued in August 2012 was revoked, adding that Kingfisher can seek to renew the license within two years.
In December, Kingfisher presented a revival plant to India's aviation regulator, but wasn't backed by details of financing, according to Civil Aviation Minister Ajit Singh.
Kingfisher's parent UB Group will provide the funds required to restart flights, Prakash Mirpuri, a spokesman for the carrier, said in an e-mail last night.
The struggling carrier's permit was suspended in October following flight disruptions caused by strikes triggered by unpaid wages.
Kingfisher has been seeking cash for more than two years and said it's in talks with possible investors, including Etihad Airways PJSC.
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