Troubles for cash-strapped Kingfisher Airlines continue as banks start the process of recovering their dues. According to sources in the know, the airline's creditors will now move to attach its physical assets. The consortium of banks is also in talks with Srei Infra to recover money from the sale of the pledged USL shares held by it. The banks have also filed a case with the Debt Recovery Tribunal in Bangalore on 24th June to invoke the personal and corporate guarantee valued at around Rs 3000 cr. Not just that, banks are also seeking claim on the assets that promoter Vijay Mallya may have transferred to other entities in the interim to avoid them being attached.
Sources close to the development say that the grace period under the Sarfaesi notice served to KFA by the consortium of banks has ended and now they will attach the assets including the Goa Villa and Kingfisher House in Mumbai which have a combined value of Rs 100 cr. They will also look at attaching other physical assets like office space, KFA buses etc. According to a senior banker, "The consortium is hoping to recover close to Rs 150 cr through the Sarfaesi route."
01/06/13 Simran Gill/Economic Times
To Read the News in full at Source, Click the Headline
Sources close to the development say that the grace period under the Sarfaesi notice served to KFA by the consortium of banks has ended and now they will attach the assets including the Goa Villa and Kingfisher House in Mumbai which have a combined value of Rs 100 cr. They will also look at attaching other physical assets like office space, KFA buses etc. According to a senior banker, "The consortium is hoping to recover close to Rs 150 cr through the Sarfaesi route."
01/06/13 Simran Gill/Economic Times
