Lenders to Kingfisher Airlines have taken possession of Kingfisher House, the airline’s headquarters near Mumbai airport, after the guarantors —
Dr Vijay Mallya and United Breweries (Holdings) Ltd — failed to pay the dues.
The lenders had issued notice to the guarantors on May 3 to pay the dues of
InRs 6,027 crore.
Acting for the lenders, SBICAP Trustee Company Ltd took control of the
2,401.7-sq-m property on August 10.
A senior public sector executive said the move was part of the recovery process. “The headquarters of the airline is tangible property which, when sold, could get part of our money back,” the executive pointed out.
Early this year, the lenders had sold shares of United Spirits and Mangalore Chemicals & Fertilizers, kept as collateral, to partly recover the dues.
After exhausting all options, the KFA bankers led by State Bank of India in February 2013 finally decided to recall all the loans, amounting to Rs 7,500 crore.
A recall means the borrower has to repay immediately. The recovery process involving steps such as sale of pledged assets and invoking promoter Vijay Mallya’s personal guarantees has been long-drawn.
Most lenders have treated the Kingfisher Airlines account as a non-performing asset from the third quarter of FY12.
The lenders also had to bear the burden of heavy provisioning, making a dent in bottom lines.The debt-laden airline has been grounded since October 2012.
The Karnataka High Court on Monday has cancelled an impleading application filed earlier by a section Kingfisher Airlines employees over salary dues.
The pilots had earlier filed this application and wanted the Karnataka High Court to hear their plea along with a section of creditors to Kingfisher Airlines.
These lenders have been up against Kingfisher Airlines and its holding company - UB Holdings to get back as much as close to Rs 600 crore through winding up petitions.
The High Court has told the Kingfisher Airlines employees to file a separate application to pursue their cause.
Meanwhile, UB Holdings on Monday submitted Rs 250 crore as security deposit with the Karnataka High Court as per earlier orders in the ongoing case with a section of creditors - most aircraft and engine lessors.
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Be An Aviator not A Pilot
Rating: Not yet rated.
Published: July 24, 2013
Words: 4,750 (approximate)
Language: English
ISBN: 9781301083244
Short description
As A Fact Out Of Every 1000 Pilots Only 1 Pilot Becomes An Airline Pilot, The Book Is All About Those 999 Pilots Only.Extended description
Be an Aviator Not a Pilotis a story of Pilots in Aviation who are unable to cope. This is not a book to teach you how to get into an Aviation School or even how to live like a Pilot. In fact, it describes how one can become a Successfull Aviator not just an Airplane Driver [ So called Pilot ] with very small changes in life. Also Why abroad trained Pilots are better Aviator and Why FAA, CASA, CAAP, CAA are better civil Aviation Authority then DGCA.
by
Shekhar Gupta
Ankisha Awasthi
Pilot’s Career Guide By Niriha Khajanchi
Rating: Not yet rated.
Published: July 13, 2013
Words: 25,040 (approximate)
Language: English
ISBN: 9781301650040
Short description
International Airline Pilot’s Career Guide Learn Step By Step How to Become an International Airlines Pilot By Niriha Khajanchi and Shekhar GuptaExtended description
1. Your Aviation Career Starts Here2. Pilot Training
3. Flight Ratings – SPL, PPL, CPL, ATPL
4. Pilot and Personal Computer
5. Medical Requirements for Pilots
https://www.smashwords.com/books/view/336260
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