IOC stops fuel supply to Jet Airways over non payment of dues

Indian Oil Corporation (IOC) had stopped fuel supply to Jet Airways over non-payment of dues.

Jet Airways, in which SBI-led consortium of lenders is set to take Management control under a debt-recast plan.

However, the airline has not yet received the much-needed funds.

IOC stops fuel supply to Jet Airways over non payment of dues download 1
Indian Oil Corporation denied to provide fuel to Jet Airways

Reportedly on April 5th, the Indian Oil Corporation (IOC) had stopped fuel supply to Jet Airways over non-payment of dues. The public oil Marketing Sector has stopped fuel services to Jet Airways since afternoon.

The response regarding the questions asked to Jet Airways over the oil issue was left unanswered by the officials.

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.

IOC stops fuel supply to Jet Airways over non payment of dues download 1 1
Jet Airways are at stake.

On March 25th SBI- led domestic lenders approved the Jet Airways resolution plan and agreed to infuse an emergency funding of Rs 1,500 crore. It also decided to convert the same equity with 50.1 percent for a notional value of Re 1 each Share.

However, the airline has not yet received the much-needed funds.