Indian Oil again stops fuel supply to Jet Airways due to non-payment of outstanding bills
On March 25, Jet Airways Board Had Approved A Resolution Plan Formulated By SBI-led Domestic Lenders, Under Which Had Agreed To Infuse An Emergency Funding Of Rs 1,500crore Into The Airline.
The Indian Oil Corporation Ltd (IOCL) on Wednesday again stopped fuel supply to crash-strapped Jet Airways across India due to non-payment of outstanding bills. The company had stopped fuel supply on Friday as well, but later in the day it resumed the supply.
Jet Airways, in which SBI-led consortium of lenders is set to take management control under a debt-recast plan, has drastically curtailed operations with a fleet of 26 planes. On March 25, Jet Airways board had approved a resolution plan formulated by SBI-led domestic lenders, under which had agreed to infuse an emergency funding of Rs 1,500crore into the airline, and convert the same into equity worth 50.1 percent for a notional value of just Re 1 each share. The airline, however, has not yet received the much-needed funds.
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