Rs 1,000 cr sold, Mallya to lose all assets over Kingfisher?

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Vijay Mallya

Mumbai, May 6: Vijay Mallya, who has already lost his title - King of Good Times, has been pushed back over his debts in connection with Kingfisher Airlines (KFA). Now the liquor baron may lose all his assets over losses due to grounded carrier.

Pratip Chaudhuri, Chairman of the State Bank of India (SBI), on Monday, May 06 was quoted as saying, "KFA recoveries are going on. We have substantial amount of recoveries. Total recoveries for banks more than Rs 800-1000 crore."

"We are making all efforts. We have treated this loan 100 per cent provided for. It does not mean that we are not going after assets. We are going after all assets. The companies shareholding, the companies real estate, the personal assets, all are targeted," the SBI Chairman added.

The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore from the carrier. It has shares of listed entities like United Spirits as collateral which should realise Rs 500 crore. That apart, lenders have the brand Kingfisher as a security.

Earlier Mallya had sued the lenders to his grounded airline Kingfisher for selling a portion of the pledged shares of United Spirits (USL) worth Rs 100 crore.

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