Private carrier Kingfisher Airlines, which is facing a legal case from oil PSU BPCL over payment default, today offered in the Bombay High Court an out-of-court settlement.
The court adjourned the matter for hearing on October 15 after BPCL's counsel sought time to respond.
During the proceedings today, Kingfisher said it could clear its jet fuel dues of Rs 314 crore at a monthly instalment of Rs 10 crore.
However, BPCL's lawyer Janak Dwarkadas said that this formula was not acceptable and asked for a better proposal.
"They have the money to run Formula 1...Where is that money coming from? They don't have money to pay us...We are waiting to see the colour of money," Dwarkadas said.
To this, Kingfisher's lawyer N H Seervai said that Kingfisher was ready to sort out the issue at the top level, and the airline's top officials were ready to sit across the table with BPCL management and negotiate.
As the BPCL lawyer sought time to respond, Justice Anup Mohta adjourned the hearing till next week.
