04 August 2010;timesofindia.indiatimes.com:NEW DELHI: HPCL will sell jet fuel to Vijay Mallya-run Kingfisher Airlines only against cash as it has failed to provide bank guarantee cover against payment defaults. HPCL is Kingfisher’s largest aviation turbine fuel (ATF) supplier. The airline, which buys 1,300-1,350 kilolitre of jet fuel worth some Rs 133 crore every month, has defaulted on its payments. "Currently, Kingfisher Airlines has been put on cash-and-carry arrangement by HPCL as they have been unable to fulfil the obligations imposed by HPCL board," minister of state for petroleum and natural gas Jitin Prasad told Rajya Sabha on Tuesday. Kingfisher buys jet fuel on a 60-day credit cycle. The cash-strapped airline has defaulted on payment of Rs 224.9 crore.
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