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Banks, aircraft lessors serve default notices on debt-laden Air India
State-owned airline Air India has started defaulting on government-guaranteed loans to lenders and aircraft lessors, triggering concern over its state of finances and credit-worthiness. The setback adds to the airline’s stress as it has failed to earn enough profit to cover the interest payment on its Rs 5-billion debt.
The situation has turned even more precarious as the government, the owner of Air India, remains non-committal on infusing cash into the company after a failed privatisation process recently. Of the Rs 18 billion committed to Air India in 2017-18, only Rs 6.5
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