Air Pegasus (PPL, Bangalore Int'l) is hoping to resume operations shortly, and has submitted the necessary documentation to the Directorate General of Civil Aviation (DGCA), reports The Economic Times of India. The Indian regional carrier plans to use an ex-Kingfisher Airlines ATR-72 M-YRGL (msn 733) currently stored at Kuala Lumpur Subang.

Shyson Thomas, managing director of Air Pegasus, told The Economic Times that they are waiting on the arrival of the aircraft. "We will start operations as and when we get the approvals to import the aircraft, as we have the required staff to start operations," he said.

Air Pegasus ceased operations in July last year following cash flow constraints which prevented it from settling leasing fees with Elix Aviation Capital and Nordic Aviation Capital from which it had leased three ATR72-500s. According to the news site, Air Pegasus has since secured INR200 million (USD3 million) funding through a 30% stake sale to an unnamed Bengaluru-based investor. The promoters have also invested an additional INR130 million (USD2 million).

As previously reported, start-up carrier FlyEasy (Bangalore Int'l) penned a deal to acquire up to 74% of Air Pegasus back in January in a transaction worth around INR870 million (USD13.5 million).