Lenders take possession of Kingfisher Airlines headquarter in Mumbai

Lenders to Vijay Mallya-controlled Kingfisher Airlines have taken possession of property “Kingfisher House”, airline headquarters, near Mumbai airport after guarantors also failed to up pay up dues.
Banks had issued notice on May 03, to guarantors Vijay Mallya and United Breweries (Holdings) Ltd to repay about Rs 6,027 crore after company failed to pay up dues.

SBICAP Trustee Company Ltd, acting for lenders, has taken control of property (2,401.7 square meters) on August 10. It took control after guarantors did not pay outstanding amount, according to notice.
Senior public sector executive said it is part of recovery process. The head-quarter, the airline property, is tangible property which when sold could get part of our money back.
Read News in Full 11/08/13 Abhijit Madhav Lele/Business Standard

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