You are here: Home » News-IANS » Business-Economy
Business Standard

IOC stops fuel supply, Jet secures other sources

IANS  |  New Delhi/Mumbai 

The country's largest oil marketing company (OMC) Indian Oil Corporation (IOC) has once again stopped fuel supply to Jet Airways.

However, the airline said that other fuel retailers continue to supply its aircraft.

According to a senior IOC official, the company had stopped fuel supply to Jet Airways from 3 p.m on Wednesday over non-payment of dues by the airline.

Last week, the IOC had stopped fuel supply to Jet Airways for some time before restarting the same after receiving assurances over payment of dues from the airline.

Jet Airways is already in the midst of a severe liquidity crisis that has affected its operations and resulted in the grounding of several of its aircraft. The airline is currently operating only 26 aircraft as several planes from its earlier fleet size of around 120 remain grounded for non-payment of lease rentals.

The development comes after the lenders of the debt-ridden airline invited Expressions of Interest (EoI) for stake sale in the company to recover dues worth Rs 8,000 crore.

The airline owes the over Rs 8,000 crore to a consortium of lenders, led by the State Bank of India.

--IANS

rv/sn/nir

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 10 2019. 19:00 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU