KINGFISHER Airlines and Bharat Petroleum Corporation (BPCL) have resolved the dispute on the former’s outstanding of Rs 314 crore to the latter.
Under the settlement formula, Kingfisher would make an upfront payment of Rs 40 crore to BPCL within 12 days and the balance would be paid in equal instalment over 12 months, the companies informed the Bombay High Court. Justice Anoop Mohta has disposed the petition, filed by BPCL two months ago asking appointment of an arbitrator to resolve the issue, after the counsels of both parties submitted that the dispute had been settled.
In course of its presentation, Kingfisher said the economic slowdown had badly hit the aviation industry and it offered to pay its outstanding in monthly instalment of Rs 10 crore. But BPCL demanded that a “substantial amount” had to be paid if Kingfisher wanted the matter resolved.
In a stride towards stabilizing and boosting economy the Finance Minister Nirmala Sitharaman introduced a new strategy to refund duties and taxes on exports, simple export credit and extra fund More
Helplinelaw can set up your session with quality and experienced lawyers to discuss and resolve your legal matters. You can avail consultation in form of sending questions, phone call or webchat discussion More