Yes - I have a lot of experience of Air India.
I have to fly from Mumbai ( Bombay ) to Heathrow four times a year. Air India has by far the worst record of cancellations of flights. It's a regular event for the Virgin and British Airways desks at Mumbai to be swamped with Air India reps trying to offload passengers from their cancelled flights onto other carriers.
Air India was once the flagship carrier of India, it has now lost it's domestic market to Kingfisher and Spice Air and has lost most of it's longhaul routes to Jetairways.
From my airline availability display I can see that it strongly looks like this is not a scheduled service but a charter service. Remember that IF that is the case the rules of travel are very different on a charter. If the flight gets cancelled you will, of course, get your money back. What you won't get is a honeymoon. Other airlines will not accept a ticket from a charter onto a scheduled flight unless the company went bankrupt.