BPCL-Kingfisher row:HC gives out-of-court settlement option
In the ongoing legal battle between the oil public sector undertaking (PSU) BPCL and Kingfisher Airlines on payment defaults, the Bombay High Court has given time to both parties for an out-of-court settlement. CNBC-TV18’s Swati Khandelwal reports further developments in the case.
Here is a verbatim transcript of her comments on CNBC-TV18. Also watch the accompanying video.
We know that Kingfisher is facing a legal case from the State-run oil PSU BPCL on account of payment dues and these are about Rs 314 crore. What happened really is that Kingfisher offered to pay monthly installment of Rs 10 crore each for the Rs 314 crore to BPCL. To this the BPCL counsel and the management did not accept the proposal. However, they made a very interesting comment. BPCL counsel said, “They have the money to run formula one, where is that money coming from if they don’t have money to pay us, we are waiting to see the colour of the money.” In response to this, Kingfisher counsel said they are ready to sit down for talks and negotiate with the BPCL management.
Further responding to the statement, the BPCL counsel has sort time from the Court and now the matter is adjourned to come up for hearing on October 15

BPCL-Kingfisher row:HC gives out-of-court settlement option

In the ongoing legal battle between the oil public sector undertaking (PSU) BPCL and Kingfisher Airlines on payment defaults, the Bombay High Court has given time to both parties for an out-of-court settlement. CNBC-TV18’s Swati Khandelwal reports further developments in the case.

Here is a verbatim transcript of her comments on CNBC-TV18. Also watch the accompanying video.

We know that Kingfisher is facing a legal case from the State-run oil PSU BPCL on account of payment dues and these are about Rs 314 crore. What happened really is that Kingfisher offered to pay monthly installment of Rs 10 crore each for the Rs 314 crore to BPCL. To this the BPCL counsel and the management did not accept the proposal. However, they made a very interesting comment. BPCL counsel said, “They have the money to run formula one, where is that money coming from if they don’t have money to pay us, we are waiting to see the colour of the money.” In response to this, Kingfisher counsel said they are ready to sit down for talks and negotiate with the BPCL management.

Further responding to the statement, the BPCL counsel has sort time from the Court and now the matter is adjourned to come up for hearing on October 15