Mumbai: Lenders plan to open a new ‘recovery’ front to realise their dues aggregating about Rs 7,000 crore from the defunct Kingfisher Airlines. They have authorised the State Bank of India to file recovery suit against the airline in the debt recovery tribunal.
The lenders have also given their consent to SBI to proceed against the guarantors of loans given to the Vijay Mallya-promoted KFA, said a banker privy to the consortium meeting held last week.
This development comes even as the 17-bank consortium, led by SBI, has sold off shares of Mangalore Chemicals and Fertilisers Ltd pledged by the airline’s promoter. The consortium is also realising its dues by selling the pledged United Spirits Ltd (USL) shares in tranches. The sale of USL shares by banks started in March even as the open offer by Relay B.V., an indirect wholly-owned subsidiary of Diageo Plc, for United Spirits’ equity shares was on.
09/06/13 Business Line
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The lenders have also given their consent to SBI to proceed against the guarantors of loans given to the Vijay Mallya-promoted KFA, said a banker privy to the consortium meeting held last week.
This development comes even as the 17-bank consortium, led by SBI, has sold off shares of Mangalore Chemicals and Fertilisers Ltd pledged by the airline’s promoter. The consortium is also realising its dues by selling the pledged United Spirits Ltd (USL) shares in tranches. The sale of USL shares by banks started in March even as the open offer by Relay B.V., an indirect wholly-owned subsidiary of Diageo Plc, for United Spirits’ equity shares was on.
09/06/13 Business Line
