To recover Go First dues, Indian Oil to encash bank guarantees

Indian Oil Corp will recoup $61.14 million of jet fuel sales to cash-strapped Go First by cashing in bank guarantees and is optimistic it will recover a further $6.11 million for unsecured sales made in the past few months, sources said.

IOC, the country’s largest fuel retailer, was the sole supplier of jet fuel to low-cost carrier Go First, which filed for bankruptcy protection on Tuesday, blaming “faulty” Pratt & Whitney engines for the grounding of about half its fleet.