A day after being dragged to court by Kingfisher Airlines, United Bank of IndiaBSE -6.45 % has got a shot in the arm in its fight against the grounded airline. According to sources in the know, the Calcutta High Court has ruled that there is no merit in KFA's argument of being represented by a lawyer in the proceedings of the Grievance Redressal Commission. Further, sources also say that the court has refused to stay the proceedings of declaring KFA and Vijay Mallya as wilful defaulters, and that the bank may schedule a hearing of the commission by giving a notice of 72 hours.
The move comes as a major setback for Vijay Mallya and KFA. Sources say that following the court order, United Bank of India may give Mallya a notice of 72 hours to present himself before the GRC. United Bank of India is the first lender to begin the process of declaring KFA and Vijay Mallya as wilful defaulters and they can proceed to do so if the company fails to prove their case in the in the GRC.
11/07/14 Aniruddha Ghosh/Economic Times
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The move comes as a major setback for Vijay Mallya and KFA. Sources say that following the court order, United Bank of India may give Mallya a notice of 72 hours to present himself before the GRC. United Bank of India is the first lender to begin the process of declaring KFA and Vijay Mallya as wilful defaulters and they can proceed to do so if the company fails to prove their case in the in the GRC.
11/07/14 Aniruddha Ghosh/Economic Times
