Mallya to settle dues in EMIs

Mumbai, Oct. 8: The private carrier, Kingfisher Airlines, which is facing a legal case from the oil PSU BPCL over payment default, on Thursday offered in the Bombay High Court an out-of-court settlement.
The Court adjourned the matter for hearing on October 15 after BPCL’s counsel sought time to respond.
During the proceedings on Thursday, Kingfisher said it could clear its jet fuel dues of Rs 314 crore at a monthly installment of Rs 10 crore. However, the BPCL’s lawyer, Mr Janak Dwarkadas, said that this formula was not acceptable and asked for a better proposal. “They have the money to run Formula 1...where is that money coming from? They don’t have money to pay us...We are waiting to see the colour of money,” Mr Dwarkadas said.
To this, the Kingfisher’s lawyer, Mr N.H. Seervai said that Kingfisher was ready to sort out the issue at the top level, and the airline’s top officials were ready to sit across the table with the BPCL management and negotiate.
Source::DC