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ETINSIGHT - Downfall of Kingfisher Airlines

ETINSIGHT - Downfall of Kingfisher Airlines.

United Bank's wilful defaulter tag is the final nail in Kingfisher Airlines' coffin

Sep 02, 2014    

United Bank of India (UBI), one of the lenders to the grounded Kingfisher Airlines, on Monday declared the airlineas a wilful defaulter. Other lenders in the bank consortium, including IDBI Bank and State Bank of India (SBI), which had together lent Rs 7,500 crore to the airline, are too weighing their options to follow the suit.This could cost Mallya more than what he imagines.A wilful defaulter, in banking lexicon, is defined as a company or an individual, who chooses not to pay back money borrowed to banks, not necessarily because they don't' have any, but wouldn't do so deliberately. In so...

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