The Debt Recovery Tribunal on Tuesday ordered global aerospace major Airbus Industries to deposit Rs 192.5 crore with it in eight weeks towards pre-delivery payment a consortium of banks made for purchase of aircraft by defunct Kingfisher Airlines of tycoon Vijay Mallya.
Tribunal presiding officer K. Srinivasan passed the order on an amended petition the consortium filed to recover the payment made for the aircraft on behalf of the airline over a decade ago.
The consortium includes state-run Oriental Bank of Commerce, Corporation Bank and United Bank of India.
Though Airbus and Kingfisher signed the purchase deal in 2005, the aircraft were not delivered even till the debt-ridden airline was grounded in October 2012.
When Airbus failed to repay, the consortium made budget carriers Indigo and GoAir a party to the case under "garnishment" and sought a direction to them to deposit the money with the tribunal instead of paying the former (Airbus) with which they also placed orders to buy its aircraft.
19/10/16 PTI/The Statesman
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Tribunal presiding officer K. Srinivasan passed the order on an amended petition the consortium filed to recover the payment made for the aircraft on behalf of the airline over a decade ago.
The consortium includes state-run Oriental Bank of Commerce, Corporation Bank and United Bank of India.
Though Airbus and Kingfisher signed the purchase deal in 2005, the aircraft were not delivered even till the debt-ridden airline was grounded in October 2012.
When Airbus failed to repay, the consortium made budget carriers Indigo and GoAir a party to the case under "garnishment" and sought a direction to them to deposit the money with the tribunal instead of paying the former (Airbus) with which they also placed orders to buy its aircraft.
19/10/16 PTI/The Statesman
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