As per this news report, Kingfisher has filed a fresh flight schedule with DGCA (Director General of Civil Aviation). Apparently, they have cut down their total number of flights to 170 (from around 248) daily.
Here is the link for updated flight schedules for the month of February.
To answer the second part of your question,
"We have received reports about large-scale cancellations. They are
bound to inform us when they cut their schedule. But they have not
done so," DGCA chief E K Bharat Bhushan said the DGCA had sent messages to all other airlines to accommodate
passengers stranded due to the Kingfisher cancellations. "They have to
do this without enhancing the fares," he said.
Link to report.
According to DGCA regulation (Section 3.3 Civil Aviation Requirements), when an airline cancels its flight due to reason within its control, it needs to compensate the passenger, provide alternative flight or mode of other transport.
The amount of compensation could vary from Rs 2,000-4,000. In such a situation, an airline can put its passenger on the flight of other airline by paying them the price. If the other airline has vacant seats, it cannot refuse to take passenger.
I am not sure how easy it will be to get a seat in another airlines though. Another factor to consider is that some of the routes that Kingfisher was operating in was serviced exclusively by them.