New Delhi: Kingfisher Airlines, the troubled carrier, has managed to make a payment of Rs 44 crore to the Income Tax Department. The income tax appellate tribunal had set March 27 as the deadline for the payment.
This was a condition set by the Tribunal to unfreeze the airline's bank accounts by the tax department. Kingfisher will now have to pay the remaining Rs 290 crore in weekly installments.
This could come as a major relief for the Kingfisher ahead of the DGCA's report on its viability to be submitted to the Ministry of Civil Aviation.
ICICI Bank has sent a loan recall notice to the company asking it to repay the loan or top up the share collateral.
Currently, ICICI Bank has an exposure of Rs 600 crore, out of which, Rs 170 crore is equity and the Rs 430 crore is debt.
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