"If Kingfisher wants to fly again, they have to satisfy the DGCA," Ajit Singh told reporters on Wednesday.
Kingfisher Airlines' flying licence expired Monday.
Ajit Singh said that no bank was willing to lend to the airline, which has a debt of more than Rs.7,000 crore and accumulated losses of over Rs.10,000 crore.
The minister said a complete shutdown would cause collateral damage to many stakeholders.
"(I) sympathise with (the) employees of Kingfisher," said the minister about the airline staff whose salary dues have accumulated for several months.
Kingfisher Airlines had submitted a proposal on Dec 26 to the Director General of Civil Aviation (DGCA) after its license was suspended on Oct 20 following a strike by the carriers' pilots and engineers September-end over non-payment of salaries.
However, the revival plan did not have a clear funding proposal, Ajit Singh said last week.
The Vijay Mallya-promoted airline has two years to renew the license to fly.
It has said it is in the process of replying to the clarifications on the revival plan sought by the regulator.
Kingfisher has been unsuccessful at raising fresh cash for more than a year, though it has reportedly been in talks with foreign investors for capital infusion.
Launched in May 2005, Kingfisher has not reported a profit ever.
