In a statement, SMBC said the loan is a secured debt facility through its Singapore branch, while Air India's GIFT City-headquartered arm AI Fleet Services is the borrower.
The regulator said during the inspections, it found that Air India was not complying with the provisions of the relevant CAR. Accordingly, a show cause notice was issued to Air India on November 3, 2023.
A Show Cause Notice was issued to Air India on 3rd November 2023 seeking their response for non-compliance to the provisions of the relevant regulations,” the DGCA said in a statement.
Air India to set up mega engineering warehouse in Mumbai financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
Air India clears deck for next phase of Vihaan.AI financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.