The airline sector is likely to bear the brunt of some more negative news flow as more companies with the tag ‘defaulter’ in payment of bills have popped up. Reportedly, two days ago, Kingfisher had failed to clear dues of approximately Rs 105 crore to Mumbai International Airport Limited (MIAL). Vijay Mallya-led Kingfisher received threats from the MIAL to respond or opt for cash and carry basis
According to sources, Kingfisher is not the only one in the list of companies failing to make payments on time. Air India has dues to the tune of Rs2500 crore to oil marketing companies (OMCs) like HPCL, BPCL and IOC, which includes Rs 2100 crore due and Rs 400 crore of interest charged on the amount. Air India also owns Rs 1000 to Airports Authority of India (AAI) National Aviation Company of India Ltd.
12/05/11 Swati Khandelwal Jain/CNBC-TV18/Moneycontrol.com
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