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This is an archive article published on May 27, 1997
No cash for fuel, NEPC won’t fly
MAY 26: NEPC Airlines and Skyline NEPC airlines -- owned by the cash-strapped Khemkas of Madras -- finally suspended operations today after...
1 min read
MAY 26: NEPC Airlines and Skyline NEPC airlines — owned by the cash-strapped Khemkas of Madras — finally suspended operations today after more than a month of speculation about the two companies’ future.
The group, which once threatened to emerge as the takeover tycoons of the aviation industry following the absorption of Damania Airways and the open bid for Modiluft airlines, finally went under with little funds even to meet its fuel bills.
According to sources, both airlines suspended services following non-availability of aviation turbine fuel from the Indian Oil Corporation.
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The Khemkas could not pay the company’s pending bills as a result of which IOC refused to supply fuel on credit to them. With hard cash difficult to come by, the airlines are not able to buy on a cash-and-carry basis either.
The airlines have now asked their employees not to report for work till the fleet is back into operation.
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