IndiGo on Monday said it would refund all credit shell sum by January-end and have already processed close to Rs 1,000 crore of refunds so far — a sign that things may be looking up for the airline industry.

“IndiGo has been rapidly refunding amounts to customers whose flights had been cancelled during the lockdown. The airline has already processed close to Rs 1,000 crore of refunds, which are approximately 90 per cent of the total amount it owes customers.

“IndiGo is committed to complete payments against all pending credit shells latest by January 31, 2021,” the airline said in a statement.

Ronojoy Dutta, chief executive officer of IndiGo, said: “Covid-19 and the resulting lockdown brought our operations to a complete halt... As our incoming cash flow dried up, we were unable to immediately process refunds. However, with the resumption of operations, our priority has been to refund the credit shell amounts in an expedited manner.”