Kingfisher requests extension to debt default investigation process

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By admin July 10, 2014 14:43

Kingfisher requests extension to debt default investigation process

Kingfisher Airlines has asked the Kolkata High Court to delay the United Bank of India’s process of declaring airline a wilful defaulter.

The development comes on the day that Kingfisher CEO Vijay Mallya and other Kingfisher officials were supposed to meet with United Bank of India to present their case.

United Bank of India was the first bank to initiate the process of declaring Kingfisher and Vijay Mallya as wilful defaulters. The bank had sent them a wilful defaulter notice in May this year.

The action is independent of the process that the consortium of banks led by State Bank of India is following, when it appointed auditors Ernst & Young to conduct a forensic audit to determine if funds were diverted from the airline to other Kingfisher Group companies.

Indian banks are currently fighting 14 cases against Kingfisher in various debt recovery tribunals.

admin
By admin July 10, 2014 14:43
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