Trouble mounts for cash-strapped Jet Airways as IOC stops fuel supply to struggling airline for non-payment of dues
Mumbai: Indian Oil Company (IOC) on Friday stopped gasoline provide to the struggling service Jet Airways for non-payment.
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.
Firstpost is now on WhatsApp. For the newest evaluation, commentary and information updates, join our WhatsApp companies. Simply go to Firstpost.com/Whatsapp and hit the Subscribe button.
Your information to the newest election information, evaluation, commentary, dwell updates and schedule for Lok Sabha Elections 2019 on firstpost.com/elections. Comply with us on Twitter and Instagram or like our Facebook web page for updates from all 543 constituencies for the upcoming basic elections.