It seems tough time would not make an easy exit from the backyard of business tycoon Vijay Mallya, who has been struggling hard to help his Kingfisher Airlines to survive.

It seems that the financially crunched Kingfisher Airlines has seen a ray of hope amid clouds.

Specifying no particular reason behind the decision, India's No. 2 carrier Kingfisher Airlines has recently announced about their plans of cancelling 31 flights daily till Nov 19.

The board of Kingfisher Airlines has approved Rs 2000 crore rights issue to restructure its debt. The company was unable to get positive response to $350 million GDR issue.