Banks, which have an exposure of over Rs.6,000 crore to Kingfisher Airlines, have initiated further action to recover their dues.
The banks have started attaching mortgaged assets, including Kingfisher House, the corporate office of the now defunct airline near the Mumbai airport, and have also started issuing notices to Kingfisher’s promoter Vijay Mallya. Mr. Mallya had given personal guarantee for paying back the loans.
The lenders are also initiating steps to take possession of Kingfisher Villa, a prized beachside property in Goa, two helicopters valued at over Rs.90 crore and other assets that have been mortgaged with the banks.
“We are taking requisite action. One by one we are taking possession of the securities. The Goa property matter is in court,” said Shyamal Acharya, Deputy Managing Director and Group Executive (A&S) SBI.
The banks have so far recovered Rs.550 crore by selling UB group stocks, which were kept as collateral with the banks.
More such action is expected as banks are under pressure from the government to recover dues from defaulters.