Mumbai: Air India has failed to meet its interest liabilities to its lenders for the third month in a row. The national carrier's unpaid interest liability to lenders has now grown to around Rs 700 crore for the April-June period, a source in the airline said.
The airline has to make the payments before July-end or its unpaid dues will slip into non-performing assets (NPAs) category of the 22 banks it owes money to, including the State Bank of India and ICICI Bank. However, another source indicated that the Government will not let the banks classify Air India as an NPA.
“We have not paid the interest liability but we have asked the Finance Ministry to release the dues the Government owes to us so that we can make the payments. We are keen to make the payments and make sure that the interest liability does not slip into NPA status.
27/07/11 Debabrata Das/Business Line
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