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Indian Oil stopped fuel supply to Jet Airways due to non-payment of outstanding bills: Spokesperson

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.

News Nation Bureau | Edited By : Aniruddha Dhar | Updated on: 05 Apr 2019, 06:03:02 PM
Representative

Representative

New Delhi:

The Indian Oil Corporation Ltd (IOCL) has stopped fuel supply to crash-strapped Jet Airways across India due to non-payment of outstanding bills, said the spokesperson on Friday, adding that on Thursday also an hour's services were stopped.

Response to a query sent to Jet Airways on this issue was awaited. 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.

(With PTI inputs) 

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First Published : 05 Apr 2019, 03:58:24 PM