Liquor baron Vijay Mallya's Rs 650-crore investment proposal to revive operations of grounded Kingfisher Airlines has piqued its lenders as the plan does not include repayment of the private carrier's existing bank debts.
The lenders of the beleaguered airlines company, which has borrowed close to Rs 7,500 crore from a consortium of 17 banks, will meet in Mumbai on January 18, to decide on the ways to recover their money.
Kingfisher Airlines has been asked to submit its repayment plan in that meeting failing which the lenders will not be shy of taking the start the process of selling assets of the company which are pledged with them, bankers told Business Standard.
"We have told the airline to start the repayment process. We are expecting some commitment from the management on the meeting which is scheduled on January 18," said a senior SBI official.
13/01/13 Business Standard
