Kingfisher's bad times: Rs15 crore cheque for AAI bounces
08 Nov 2011
New Delhi: Financially beleaguered carriers, Air India and Kingfisher, are fast becoming bywords within the aviation industry for financial mismanagement. After suspension of services, starting Sunday, reports are now emerging that Kingfisher may have reverted to an old habit of delivering cheques that will not be honoured.
It is being given to understand that an Rs15-crore cheque issued by Kingfisher to Airports Authority of India (AAI) bounced last week, following which the state-run airport operator put the airline back on daily cash-and-carry basis.
Since the move had the potential to completely disrupt Kingfisher's schedule, AAI has accepted some part payment but has summoned airline top brass to make its stand clear on outstanding dues of over Rs200 crore.
Late last year its cheques to GVK-owned Mumbai International Airport Ltd, for amounts in excess of Rs100 crore, bounced. Before that a cheque of Rs23 crore, meant for AAI, bounced in June 2009.
Meanwhile, AAI's dues from Air India re inching towards the Rs1,000-crore mark, with actual outstanding coming close to Rs950 crore, confirmed a senior official.
As a government run unit AAI is helpless in the face of government intervention.
