Sunday, July 14, 2013

Up to fourteen banks that lent Kingfisher Airlines Rs 6,203 crore try to recover the funds

As many as 14 banks that have lent money to Vijay Mallya's now defunct Kingfisher Airlines Limited (KAL) are trying to recover Rs 6,203 crore from the carrier and from UB Holdings (UBHL), the airline's guarantor.
The banks have approached the Karnataka High Court seeking a stay on the disbursement of the entire amount realised from the recent sale of 13.61 crore shares of United Spirits Ltd (USL) to the British spirits major Diageo Plc by UBHL.
They sought the court's direction to UBHL to deposit in court the entire amount from the sale of shares.The consortium of banks that has approached the court includes Axis Bank, Bank of India, Bank of Baroda, Corporation Bank, Federal Bank, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, State Bank of India, UCO Bank, Punjab National Bank and Punjab and Sind National Bank.
13/07/13 Vanu Dev/Daily Mail