Mumbai: The consortium of bankers fighting to get back their dues from Kingfisher Airlines may be able to auction a few properties owned by the airline and its promoter Vijay Mallya. They will also get rights over Rs 600 crore that SREI Venture Fund, a venture capital fund owned by SREI Infrastructure Finance, deposited in the Karnataka high court. The court has the receivership rights in this case. SREI Infra and its venture fund had sold off the entire 2.2 million shares for over Rs 1,200 crore. A portion of this money, on which even other lenders contested they have a lien, has been deposited in the court.
Kingfisher Airlines, once a leading carrier with world-class facilities, has been grounded for more than two years for want of finance. The company last reported its financial results for the three months ended December 2013.
Banks are also close to acquiring Mallya's Goa villa and a commercial property, the Kingfisher House, in Mumbai. Bankers are ring-fencing Mallya by filing caveats in four different courts, so that one court cannot revoke the willful defaulter tag with which banks are trying to hook the company, unless it hears the bank's petition.
17/11/14 Manju AB/Daily News & Analysis
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Kingfisher Airlines, once a leading carrier with world-class facilities, has been grounded for more than two years for want of finance. The company last reported its financial results for the three months ended December 2013.
Banks are also close to acquiring Mallya's Goa villa and a commercial property, the Kingfisher House, in Mumbai. Bankers are ring-fencing Mallya by filing caveats in four different courts, so that one court cannot revoke the willful defaulter tag with which banks are trying to hook the company, unless it hears the bank's petition.
17/11/14 Manju AB/Daily News & Analysis
