As far as the personal guarantee goes, Vijay Mallya's net worth has been assessed at around Rs 1,500 crore in 2010. Now, banks hope to be able to recover to the full limit of this net worth by invoking the personal guarantee.
Also read: Irate KFA workers seek Chidambaram's aid on pay woes
As far as corporate guarantee of UB Holdings is concerned, the total value of shareholding of UB Holdings in various group companies is valued at around Rs 8,300 crore. Banks are hoping that by invoking the corporate guarantee of UB Holdings, they will in effect be invoking all the shares held by UB Holdings in various group companies.
As part of the recovery process, banks are also now looking to serve Securitization and Reconstruction of Financial Assets and Enforcement of Securities Act (SARFAESI) notice to the company and also file a case with the Debt Recovery Tribunal (DRT).
The SARFAESI notice will cover all assets like the helicopters and busses owned by the company whereas the case with the DRT will cover all assets like the villa and the headquarters of Kingfisher Airlines. These are the steps which the banks are now looking to take as part of the recovery process.
On Wednesday, the Directorate General of Civil Aviation (DGCA) rejected Kingfisher Airlines' revival plan that it had submitted to the aviation regulator this month.
The airline has been grounded since October 2012 following unrest by employees and a subsequent disruption in its flight schedules. Its flying licence was suspended last December, and the airline has two years to get it renewed.
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