From CNN:
AirAsia plane loses contact with traffic control in Indonesia
The search is on for AirAsia Flight 8501, which lost contact with air traffic control in Indonesia, the airline said Sunday.
Flight QZ 8501 from the Indonesian city of Surabaya to Singapore lost contact with air traffic control at 7:24 a.m. Sunday (7:24 p.m. Saturday ET), AirAsia said
"At the present time we unfortunately have no further information regarding the status of the passengers and crew members on board, but we will keep all parties informed as more information becomes available," AirAsia said in a statement.
This is just the preliminary information but there is the potential for a Flight 370 all over again.