December 13, 2011

CBEC unfreezes Kingfisher Bank Account

In a big relief to Vijay Mallya-promoted Kingfisher Airline, the Central Board of Excise and Customs (CBEC) has decided to de-freeze its bank accounts, which had been freezed earlier for not paying service tax dues.

The move came after the private airlines assured the board on Monday that it would pay all the dues by March 2012. It is reported that Vijay Mallya had met the CBEC chairman S K Goel on the issue.

The board had freezed 11 bank accounts of Kingfisher airline as the company had failed to pay 100 crore as service tax liability. The company has pending dues of over Rs. 15 crore in service tax for the month of November. The company assured that the pending amount for the November would be paid by Tuesday.

Kingfisher Airlines, which is facing a huge loss in the industry, has not paid salaries to its employees for over 2 months. It suffered the debt stands at over Rs 65 billion.

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