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Indian Oil stops fuel supply to Jet Airways over non-payment of outstanding bills

ANI | Updated: Apr 10, 2019 19:39 IST

New Delhi [India], Apr 10 (ANI): For the third time in a month, Indian Oil Corporation Ltd (IOCL) on Wednesday halted fuel supply to Jet Airways across the nation due to non-payment of outstanding bills, an IOCL spokesperson said.
The fuel supply was stopped at 3 pm on Wednesday and the situation is likely to remain the same until the oil company does not receive any assurance of payment.
Earlier on April 5, the fuel supply was stopped but resumed after the assurance of the payment was given.
Jet Airways is suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee.
The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries to its pilots.
On March 25, Jet Airways Chairman Naresh Goyal stepped down, paving way for lenders to bail out the financially troubled airline he set up 25 years ago. (ANI)