Kolkata: UCO Bank will not allow Kingfisher Airlines to be represented by lawyers in the willful default case hearing. The state-run lender has identified, but not declared, the grounded airline company as a willful defaulter for failing to repay its dues.
The bank has recently sent a show-cause notice to Kingfisher seeking explanation on why it should not be named as a willful defaulter.
"Kingfisher has responded to our notice. They have raised some questions, which we are looking into...We will not allow lawyers to represent the company in the hearing," a senior executive of UCO Bank told Business Standard requesting anonymity.
UCO Bank has lent over Rs 300 crore to Kingfisher. The official said that these loans were given as working capital. The airline has borrowed around Rs 6,500 crore from a consortium of 17 banks.
07/11/14 Business Standard
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The bank has recently sent a show-cause notice to Kingfisher seeking explanation on why it should not be named as a willful defaulter.
"Kingfisher has responded to our notice. They have raised some questions, which we are looking into...We will not allow lawyers to represent the company in the hearing," a senior executive of UCO Bank told Business Standard requesting anonymity.
UCO Bank has lent over Rs 300 crore to Kingfisher. The official said that these loans were given as working capital. The airline has borrowed around Rs 6,500 crore from a consortium of 17 banks.
07/11/14 Business Standard
