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Friday, March 8, 2013

SBI identifies some properties of Kingfisher for attachment

SBI, the lead banker in the 17-lender consortium to Kingfisher Airlines, has identified some properties for attachment, according to a top SBI official. "Efforts are afoot to make some recoveries. Already certain properties have been identified towards attachment by the bank as against loans disbursed to the airline. Allocations have been made in the bank's NPA which stood at (around) Rs 22,000 crore as of Dec 2012," A Krishnakumar, Managing Director and Group Executive (National Banking) told reporters. A sub-committee has also been formed, involving about four banks to examine availability of assets of the borrower and will also solicit needful legal advisors before the next stage of opting for litigation, he said. It was last year reported that lenders to debt-ridden Kingfisher were considering selling the carrier's two properties in Mumbai and Goa worth Rs 120 crore to recover a part of the loans worth over Rs 7,500 crore.

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