New Delhi/Mumbai: What does an organisation do if its losses start catching up with its revenues? Well, if it is the Airports Authority of India (AAI), the answer is ? nothing.
According to documents available with CNN-IBN, creditors owe the AAI hundreds of crores of rupees, of which a large portion is unrecoverable.
And, while the Authority is struggling hard to find resources for the development and upgradation of airports throughout the country, it seems to be doing precious little to mobilise its own resources to recover the dues from a number of companies.
There is a long list of companies that owe money to the authority adding up to over Rs 300 crore in Mumbai alone.
And while some of the companies are likely to settle their dues, others have either gone bankrupt or have become extinct.
Of the many bigwigs that need to pay up the AAI, the national carriers Air India and Indian Airlines together owe Rs 140 crores.
The other big players include Kingfisher, Air Deccan and the Leela Group of Hotels. While Leela Hotels is overdrawn to the tune of Rs 70 crore, Kingfisher has been asked to operate on a cash-and-carry basis.
Air Deccan which has also crossed its security deposit, might and be asked to pay cash. As an extreme course of action, their operations might be suspended.
While the bigger companies are most likely to pay up, the list of defaulters also includes names like ? East-West Airlines, Chef Air and Cambatta Aviation, companies which don't even exist.
But, if the employees union is to be believed, it is the smaller players which face the music and are hard-pressed to pay up, while the bigwigs get away with more time on their hands.
The Mumbai Airport earns the largest chunk of revenue for the AAI. But if bad debts continue to haunt the Airports Authority , the airport modernisation programme will suffer.
(with inputs from Kanhaiya Singh)
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