Indian Oil Corporation stops fuel supply to Jet Airways over non-payment of dues: Report
Indian Oil Corporation (IOC) Friday stopped fuel supply to the struggling carrier Jet Airways for non-payment.
The public sector oil marketing firm stopped supplying fuel to the cash-starved carrier from 12 noon Friday, sources told PTI.
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 1,500 crore 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.
Enter your email to get our daily newsletter in your inbox
- Indian Institute of Science in Bangalore retained its ranks for Materials Science (78th) and Chemistry (93rd).
- India’s vaccination campaign ramped up on Monday, with people above the age of 60, and individuals 45 or older suffering from certain medical conditions, now eligible for shots.
- The company, which relies heavily on digital advertising using user data, said it will not track individual-level data such as personally identifiable information (PII) graphs based on people’s email addresses.
- In comparison, PMI for the manufacturing sector had fallen marginally to 57.5 in February from 57.7 a month ago, data released on Monday showed.
- The Council is expected to meet this month, but a date is yet to be finalized, the first person said.
- Lawyers representing the consortium had earlier insisted that DGCA and the aviation ministry must follow the principle of historicity and grant slots to the revived Jet Airways.
- The Suzuki Motor Corp. unit has told its suppliers about its strategies, asking them to ramp up production, the people cited above said on condition of anonymity.
- The BSE Sensex gained 1,147.76 points or 2.28% to end at 51,444.65, while the Nifty surged 326.50 points or 2.19% to close at 15,245.60
- For those filing returns for FY20 in form ITR-1—people with income from salaries, one house property and farm income up to ₹5,000—the last date for filing was January 10, 2021.
- HDFC also outlined that the changes will affect customers who currently have availed home loan benefits from the lender.