“The two parties are working out a formula which would be mutually acceptable,” sources close to development told PTI here on Friday.
The Bombay High Court was to hear the dispute on Friday but as both the sides had not arrived at any understanding, the matter was adjourned to November 3 without any arguments.
The state-run oil firm had filed a petition with the High Court to appoint an arbitrator to resolve the issue, after the private airline failed to clear its dues of Rs 314 crore, including Rs 290 crore as principal amount, to BPCL.On October 8 209, Kingfisher had offered the oil company a payment of Rs 10 crore every month, as a settlement arrangement, which was turned down by BPCL. While arguing the arbitration petition the oil PSU said the offer of Rs 10 cr was not acceptable.
Published 16 October 2009, 16:18 IST