Indian media has reported that Kingfisher Airlines has denounced the Reserve Bank of India’s recent ruling that the airline and its CEO Vijay Mallya are “wilful defaulters”. Kingfisher stated: “The company is advised that none of the parameters constituting wilful default governed by the master circular issued by the Reserve Bank of India apply to the company.” The State Bank of India had issued a notice to the company on August 19th alleging wilful default in repayment of outstanding debts. A consortium of 17 banks is yet to recover close to Rs 7,000 crore from KFA with State Bank of

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