State Bank of India, which leads a consortium of lenders to Kingfisher Airlines, is planning to auction the carrier’s ground support equipment on the premises of Mumbai International Airport (MIAPL), sources told FE.
Ground support equipment is the support equipment found at an airport used to service the aircraft between flights.
Among other things, KFA ground equipment includes nine vehicles, a banker said. He added that these equipment are on MIAPL premises and they were initially reluctant to let SBI access these assets. “MIAPL also said it will auction those assets to recover their dues from KFA,” he added.
The bank had then approached the debt recovery tribunal and got an order restraining MIAPL from selling the assets. This order was later challenged in the Karnataka High Court. “The court allowed SBI two months to take possession of the assets and auction them,” he said, adding that the bank will get the equipment valued by a registered valuer.
06/07/15 Financial Express
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Ground support equipment is the support equipment found at an airport used to service the aircraft between flights.
Among other things, KFA ground equipment includes nine vehicles, a banker said. He added that these equipment are on MIAPL premises and they were initially reluctant to let SBI access these assets. “MIAPL also said it will auction those assets to recover their dues from KFA,” he added.
The bank had then approached the debt recovery tribunal and got an order restraining MIAPL from selling the assets. This order was later challenged in the Karnataka High Court. “The court allowed SBI two months to take possession of the assets and auction them,” he said, adding that the bank will get the equipment valued by a registered valuer.
06/07/15 Financial Express
