Friday, September 14, 2018

Kingfisher default bill: This is how much defunct airline owes to banks; largest dues to SBI

Absconding businessman Vijay Mallya’s defunct Kingfisher Airlines (KFA), which had a total loan default of approximately Rs 9,091.40 crore at the end of November 2015 to a group of 17 banks, has largest dues (about Rs 1,600 crore) to the state-run lender State Bank of India (SBI), as per a breakup of default amounts reported by The Indian Express in 2016.

After SBI, the airline owes Rs 800 crore each to Punjab National Bank and IDBI Bank. It also owes Rs 650 crore to Bank of India, Rs 550 crore to Bank of Baroda, Rs 410 crore to Central Bank, Rs 320 crore to UCO Bank, Rs 310 crore to Corporation Bank and Rs 430 crore to United Bank of India, among others, data showed.

In 2014, the United Bank of India had announced Mallya as ‘wilful defaulter’. Punjab National Bank and SBI followed the suit soon after. In 2015, the service tax department took up non-payment of service tax worth Rs 115 crore by the defunct airline and moved the Bombay High Court in 2016, asking to seize his passport. Kingfisher Airline defaulted on crediting about Rs 372 crore of income tax deducted at source from its employees too.
14/09/18 Financial Express