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Kingfisher crisis: I-T department serves notice to SBI

CNN-IBN
Jul 13, 2012 at 04:52pm IST

New Delhi: In fresh trouble for the Kingfisher Airlines, the Income Tax department has stepped in to recover tax dues from banks, eyeing the proceeds from the sale of non-core assets of the carrier.

According to I-T sources, a notice was sent by the department to the lead lender, State Bank of India, over the sale proceeds from the Kingfisher assets.

This comes after the banks agreed to a proposal by the Kingfisher airlines to sell its non-core assets. Following it, the banks appointed HDFC Securities to value the non-core assets – Kingfisher House and Kingfisher Villa.

Kingfisher crisis: I-T dept serves notice to SBI

According to sources, the Income Tax department is eyeing the proceeds from the sale of non-core assets of the carrier.

As per the decision by the banks, the proceeds from the sale was to be distributed among the lenders.

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