The “King of Good Times” is moving from bad to worse. India's cash-strapped privately-owned Kingfisher Airlines is caught in severe financial turbulence and is gasping for additional bank funding or a government bailout to stay afloat.

NEW DELHI — The advanced Mi-17 V5 helicopter was inducted into the Indian air force (IAF) on Feb. 17. “The multi-purpose Mi-17 V5 helicopters will add to the flexibility and operational muscle, as well as capabilities of the Indian air force,” Defense Minister A.K. Antony says. “It will help the IAF in meeting its growing mandate.” Antony formally handed over the keys of the choppers to the 155 Helicopter Unit, commanded by Wing Commander A.K. Verma, that will operate them from Bhatinda.

Tax authorities in India have frozen Kingfisher Airlines’ bank accounts, forcing the ailing carrier to ground aircraft and cancel flights over the past few days. In addition, dozens of Kingfisher pilots are reported to have resigned. The airline, controlled by liquor baron Vijay Mallya, has grounded most of its aircraft and canceled more than 100 flights in the past two days, leaving scores of passengers stranded in various parts of the country.