Banks finally put an end to the lingering loan recast issue with the debt ridden Kingfisher Airlines . They decided to recall loans from the company after meeting the management here in Mumbai.
This means that banks will ask the borrower to refund the entire money it had borrowed from them instead of going for any restructuring scheme. The measure is perceived to be the last resort of banks to recover loans when all other avenues seem shut.
"The meeting remained inconclusive. KFA failed to bring in any concrete plan for revival on the table," a general manager of a large bank who attended the meeting told moneycontrol.com on condition of anonymity.
"The management merely reiterated certain assurance given earlier also. We have no other option left with us but to recall our loans. Now, we will send notice to the company in this regard. If they react positively, it will be win-win for both of us. Otherwise, we are in a position to recover tentatively 30 percent of total credit exposure," he said.
Over a period of one year, a series of meetings have remained inconclusive as the troubled airlines could not provide any concrete assurance on repaying bank loans. For most of the banks, the loan account slipped into doubtful category, the second stage of non-performing assets. A consortium of 17 lenders loaned around Rs 8,000 crore to KFA. Hence, banks are expecting to recover around Rs 2,400 crore though selling of securities.
"The decision was primarily taken by the core group with consent from all lenders. Enough is enough. We cannot drag it perpetually. Now, each individual bank will send notice to them followed by legal action to recover loans. Whatever best can be recovered, you should explore all such routes," said another banker.
The core lender group included the State Bank of India (SBI), Bank of Baroda, IDBI Bank, Punjab National Bank, Bank of India, and United Bank of India. From KFA, Sanjay Aggarwal, chief executive director and A. K. Ravi Nedungadi, the group CFO attended the meeting with banks on Tuesday.
The aviation regulator - Directorate General of Civil Aviation had suspended Kingfisher's operation in October, 2012.
Earlier, Vijay Mallya, the chairman of the company had assured lenders of resuming operations with seven aircrafts and gradually expanding it to 21 in four months. He also mentioned of selling stake to some foreign company to raise funds.
Meanwhile, KFA employees were agitating for their salary dues. Recently, Mallya promised them of clearing dues for 11 months and assured of restarting operations by summer.
More updates follow…
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