Trouble mounts for cash-strapped Jet Airways as IOC stops fuel supply to struggling airline for non-payment of dues

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Mumbai: Indian Oil Company (IOC) on Friday stopped gasoline provide to the struggling service Jet Airways for non-payment.

Trouble mounts for cash-strapped Jet Airways as IOC stops fuel supply to struggling airline for non-payment of dues

Representational picture. Reuters.

The general public sector oil advertising agency stopped supplying gasoline to the cash-starved service from 12 midday Friday, sources informed PTI.

Response to a question despatched to Jet Airways on this situation was awaited.

Jet Airways, by which SBI-led consortium of lenders is ready to take administration management underneath a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes.

On 25 March, Jet Airways board had accredited a decision plan formulated by SBI-led home lenders, underneath which had agreed to infuse an emergency funding of Rs 1,500 crore into the airline, and convert the identical into fairness price 50.1 p.c for a notional worth of simply Re 1 every share.

The airline, nevertheless, has not but obtained the much-needed funds.

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