Kolkata: Lenders to Kingfisher Airlines are seeking fast legal action against Airbus Industries to recover Rs 192 crore that the aircraft maker had received as advance payment for supplying aircraft to Vijay Mallya's Kingfisher while the order was subsequently cancelled.
Oriental Bank of Commerce (OBC), Corporation Bank and United Bank of India had disbursed the sum as a pre-delivery payment on the basis of a tripartite agreement between the lenders, Kingfisher Airlines and Airbus. OBC was the leader of the consortium. But as the delivery of some aircraft did not happen and Kingfisher started defaulting bank loans, these lenders tried to impound the receivables from Airbus.
Total due from Airbus could be around Rs 350 crore including the accrued interest on the principal amount, sources in United Bank of India said.
The issue now been pending before the debt recovery appellate tribunal (DRAT) in Chennai for more than two years and lenders now are taking steps for early disposal of the case as the iron is hot now on the Kingfisher issue.
15/03/16 Atmadip Ray/Economic Times
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Oriental Bank of Commerce (OBC), Corporation Bank and United Bank of India had disbursed the sum as a pre-delivery payment on the basis of a tripartite agreement between the lenders, Kingfisher Airlines and Airbus. OBC was the leader of the consortium. But as the delivery of some aircraft did not happen and Kingfisher started defaulting bank loans, these lenders tried to impound the receivables from Airbus.
Total due from Airbus could be around Rs 350 crore including the accrued interest on the principal amount, sources in United Bank of India said.
The issue now been pending before the debt recovery appellate tribunal (DRAT) in Chennai for more than two years and lenders now are taking steps for early disposal of the case as the iron is hot now on the Kingfisher issue.
15/03/16 Atmadip Ray/Economic Times
