New Delhi: In a major blow to the cash-strapped Kingfisher Airlines, banks on Thursday reportedly decided to launch their debt recovery process against the ailing company. Sources said that the bankers had decided to sell off Kingfisher's non-core assets that include Kingfisher House in Mumbai and a villa belonging to the airline's chief, Vijay Mallya, in Goa.
Sources said that the decision was taken after a group of banks, led by the State Bank of India (SBI), met on Thursday morning to review the airline financial position.
An SBI official reportedly said that the lenders might be able to recover around Rs 135 crore from the property sale of Kingfisher.
Reports further said that the airline had been given 15 days to come up with steps to improve its operations....more
01:53 PM, Jul 05, 2012