India's Kingfisher Airlines has reportedly made an out of court settlement with Bharat Petroleum Corp (BPCL) for outstanding jet fuel bills of 3.14 billion Indian rupees ($66 million).
The parties arrived at a settlement after BPCL filed a petition with the Bombay High Court seeking arbitration on the matter, say Indian media reports.
A source at Kingfisher declined to comment on the reports, citing the need for legal clearance, but would say that things are "on track."
Kingfisher reportedly offered to pay 100 million Indian rupees a month in early October, but BPCL turned this down.
In the three months ending 30 September, the airline had a net loss of 4.19 billion rupees ($89 million) compared to a net loss of 4.83 billion rupees in the corresponding period a year before.
In terms of expenses, aircraft lease costs remained virtually unchanged at 2.8 billion rupees but employee costs were 18% lower at 1.7 billion rupees and aircraft fuel costs were 44% lower at 4.6 billion rupees.