SBI consortium takes over Kingfisher House

February 24, 2015 11:30 pm | Updated November 17, 2021 01:45 am IST - MUMBAI:

Clamping down on Vijay Mallya-led UB group to recover loans, a 17-bank consortium led by State Bank of India on Tuesday took over possession of the prized Kingfisher House, estimated to be worth Rs.100 crore.

The banks have taken possession of the over 17,000 sq. ft. property at Vile Parle, near the domestic airport here, as part of their efforts to recover the Rs.6,800 crore loan they had granted to the long-grounded Kingfisher Airlines.

Later, the airline said in a statement that it handed over possession of its property, Kingfisher House, to SBICAP Trustee, a security trustee for the consortium of the Kingfisher lenders on Tuesday.

This is “without prejudice to all of the rights, remedies and contentions of the company, including the right to file appropriate proceedings to challenge the said order dated February 12,” Kingfisher said.

The order, passed by a Chief Metropolitan Magistrate here, had allowed the banks to take over the possession as part of their recovery process, which they had started in February, 2013.

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