Mumbai: Lenders have written to Kingfisher Airlines chairman Vijay Mallya’s legal counsel and separately to Kingfisher Airlines offices in Bengaluru, rejecting a proposal to repay Rs 4,000 crore. According to a senior banker, the letters have already been couriered, emailed and will also be delivered by hand.
The banker said the lenders are looking for a repayment of the principal outstanding of around R5,000 crore and more than half the interest of Rs 2,500 crore. “We are expecting Rs 7,500 crore and are willing to discuss this with the Kingfisher management,” he said.
Another banker said that the Rs 4,000-crore settlement plan does not make sense because Mallya wants banks to deduct the Rs 544 crore recovered through sale of shares from the total outstanding, which has been already deducted. “When we had filed the debt recovery tribunal (DRT) suit, we had already deducted the recovered loans and that cannot be adjusted again. So his actual offer is only Rs 3,456 crore,” the banker explained.
Apart from the Rs 4,000 crore, Mallya has offered another Rs 2,000 crore depending on the outcome of a case filed against Airbus Industries.
06/04/16 Shayan Ghosh/Financial Express
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The banker said the lenders are looking for a repayment of the principal outstanding of around R5,000 crore and more than half the interest of Rs 2,500 crore. “We are expecting Rs 7,500 crore and are willing to discuss this with the Kingfisher management,” he said.
Another banker said that the Rs 4,000-crore settlement plan does not make sense because Mallya wants banks to deduct the Rs 544 crore recovered through sale of shares from the total outstanding, which has been already deducted. “When we had filed the debt recovery tribunal (DRT) suit, we had already deducted the recovered loans and that cannot be adjusted again. So his actual offer is only Rs 3,456 crore,” the banker explained.
Apart from the Rs 4,000 crore, Mallya has offered another Rs 2,000 crore depending on the outcome of a case filed against Airbus Industries.
06/04/16 Shayan Ghosh/Financial Express
