Mumbai/Kolkata: The Kanorias of SREI are mediating a possible one-time settlement between beleaguered UB chairman Vijay Mallya and the consortium of lenders to the defunct Kingfisher Airlines (KFA), sources directly familiar with the matter said.
Loans amounting to more than Rs 7,000 crore extended to the airline have been in default even as the State Bank of India (SBI) -led consortium is attempting to recover a part of the money by attaching assets. Mallya's UB Group moved the courts to prevent sale of pledged assets and shares by the lenders, slowing the loan recovery process.
Kolkata-based Hemant Kanoria and Sunil Kanoria, who lead the infrastructure financing conglomerate SREI, have stepped in to mediate with the lenders of Kingfisher, given their personal ties with Mallya. "The Kanorias are helping Mallya in their private capacity because the group is no longer in merchant banking activity. They have spoken to SBI and others as Mallya indicated that this time he is keen for a one-time settlement with lenders," said a source cited earlier.
20/11/15 Boby Kurian & Udit Prasanna Mukherji/Times of India
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Loans amounting to more than Rs 7,000 crore extended to the airline have been in default even as the State Bank of India (SBI) -led consortium is attempting to recover a part of the money by attaching assets. Mallya's UB Group moved the courts to prevent sale of pledged assets and shares by the lenders, slowing the loan recovery process.
Kolkata-based Hemant Kanoria and Sunil Kanoria, who lead the infrastructure financing conglomerate SREI, have stepped in to mediate with the lenders of Kingfisher, given their personal ties with Mallya. "The Kanorias are helping Mallya in their private capacity because the group is no longer in merchant banking activity. They have spoken to SBI and others as Mallya indicated that this time he is keen for a one-time settlement with lenders," said a source cited earlier.
20/11/15 Boby Kurian & Udit Prasanna Mukherji/Times of India
