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Air India defaults on service tax and interest payments: reports

1-Jul-2011 2:06 PM

Air India has reportedly defaulted on payments of service tax and interest on its working capital from Apr-2011, with banks halting lending to the carrier in response (Hindustan Times, 01-Jul-2011). The carrier is struggling with paying its interest costs on INR430 billion (USD9.6 billion) in loans from banks and financing institutions.