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Banks decide to start recovery of Kingfisher Airlines loans

Banks decide to start recovery of Kingfisher Airlines loans.

Lenders take over key property of grounded Kingfisher Airlines

Feb 25, 2015    

MUMBAI (Reuters) - Grounded carrier Kingfisher Airlines, founded by flamboyant liquor baron Vijay Mallya, said on Tuesday it had handed over possession of a property to a group of lenders to which it owes about $1.5 billion.Kingfisher, once India's second-biggest airline, stopped flying more than two years ago for want of cash, leaving its creditors, mostly state-run banks, and suppliers with pending dues.The lenders had been trying to take possession of Kingfisher House in Mumbai for nearly two years, but the takeover had been delayed by legal issues. A Mumbai court this month ordered Kingfis...

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