Bangalore: A consortium of 14 banks that have lent money to Kingfisher Airlines Ltd. (KAL) on Friday moved the Karnataka High Court against disbursement of the entire amount realised from the recent sale of 13.61crore shares of United Spirits Ltd. (USL) to the British liquor major, Diageo Plc, by the UB (Holdings) Ltd., which is the guarantor for the KAL.
In its application, the consortium has pointed out that they have to recover around Rs. 6,203 crore dues, as on May 31, 2013, from KAL and UBHL, being secured creditor, and hence sought a direction to UBHL to deposit in the court the entire amount realised from the sale of the shares, which was carried out with the permission of the court.
The consortium comprises Axis Bank, Bank of Baroda, Bank of India, Central Bank of India, Corporation Bank, Federal Bank Ltd., IDBI Bank Ltd., Indian Overseas Bank, Jammu and Kashmir Bank Ltd., Punjab and Sindh Bank, Punjab National Bank, State Bank of India, and UCO Bank.
13/07/13 The Hindu
To Read the News in full at Source, Click the Headline
In its application, the consortium has pointed out that they have to recover around Rs. 6,203 crore dues, as on May 31, 2013, from KAL and UBHL, being secured creditor, and hence sought a direction to UBHL to deposit in the court the entire amount realised from the sale of the shares, which was carried out with the permission of the court.
The consortium comprises Axis Bank, Bank of Baroda, Bank of India, Central Bank of India, Corporation Bank, Federal Bank Ltd., IDBI Bank Ltd., Indian Overseas Bank, Jammu and Kashmir Bank Ltd., Punjab and Sindh Bank, Punjab National Bank, State Bank of India, and UCO Bank.
13/07/13 The Hindu
