KFA to pay part of I-T dues for defreezing of accounts

Kingfisher management has assured that it will resume normal flight schedule in five-seven days. Meanwhile, there's some progress on the debt front with lenders willing to offer around Rs 1,000 crore as support for the airliner. Sources also tell CNBC-TV18 that that the income tax department may defreeze its accounts.

Kingfisher and the I-T department have been in constant dialogue and it is understood from sources that Kingfisher is likely to pay a partial amount as far as their dues are concerned to the I-T department.
This could be in the form of either assurances based on post-dated cheques or even some amount that they would be readily giving to the I-T department, reports Swati Kandelwal Jain.
The amount that is pending from Kingfisher for now is about Rs 53.8 crore for FY11, and for FY12, it is over Rs 100 crore. According to sources, the company has only made payments of Rs 21 crore of the total sum as of December 2011.
Kingfisher had committed to pay Rs 130 odd crore by the end of this financial year. Note that apart from that amount, the airline also has to make payments worth Rs 43 crore to the Service Tax department by March. It is a wait and watch as to by when and how the company will make these payments.