Mumbai: Days after United Bank of India declared Kingfisher Airlines, promoter Vijay Mallya and three other directors wilful defaulters, country's largest bank SBI today said it has also sent a notice to tag them as "wilful defaulters".
"We have already sent a notice to KFA (to declare it as wilful defaulter). There is a mandatory time that needs to be given to them to respond and that time is currently on," said Arundhati Bhattacharya, Chairperson of SBI.
SBI, which is the lead bank of a lender consortium to the crippled carrier, has an exposure of over Rs 1,600 crore.
The airline owes Rs 7,600 crore to 17 banks. In February 2012, the banks had formally declared loan recall on KFA and began recovery process.
So far, they have recovered around Rs 2,000 crore by selling pledged shares. They are now working on selling two other pledged properties - Kingfisher Villa in Goa and Kingfisher House in Mumbai.
Already, United Bank of India has won a legal backing on its decision to declare Mallya and other top executives of the airline as wilful defaulters. State-run PNB and IDBI Bank, and private lenders Federal Bank and Axis Bank are also in the process of doing the same.
09/09/14 PTI/Economic Times
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"We have already sent a notice to KFA (to declare it as wilful defaulter). There is a mandatory time that needs to be given to them to respond and that time is currently on," said Arundhati Bhattacharya, Chairperson of SBI.
SBI, which is the lead bank of a lender consortium to the crippled carrier, has an exposure of over Rs 1,600 crore.
The airline owes Rs 7,600 crore to 17 banks. In February 2012, the banks had formally declared loan recall on KFA and began recovery process.
So far, they have recovered around Rs 2,000 crore by selling pledged shares. They are now working on selling two other pledged properties - Kingfisher Villa in Goa and Kingfisher House in Mumbai.
Already, United Bank of India has won a legal backing on its decision to declare Mallya and other top executives of the airline as wilful defaulters. State-run PNB and IDBI Bank, and private lenders Federal Bank and Axis Bank are also in the process of doing the same.
09/09/14 PTI/Economic Times
