No respite for Vijay Mallya: Now, UCO Bank readying wilful defaulter notice for Kingfisher

Kolkata - City-based UCO Bank today said it has "identified" Vijay Mallya-owned Kingfisher Airlines (KFA) as a "wilful defaulter" and will be sending a notice to the defunct carrier.

"We have identified KFA as a wilful defaulter. We are in the process of sending a notice to the company in this regard", a source in the bank told PTI. Other banks like State Bank of India and Punjab National Bank are also mulling this route.

United Bank of India has already declared KFA a 'wilful defaulter' for defaulting a loan of Rs 350 crore.

Besides KFA, UCO Bank will also send a notice to the company which had furnished a corporate guarantee for availing a loan of around Rs 450 crore, the source said.

As per RBI guidelines, a wilful defaulter tag would be given if it is found that a loan taken is diverted for some other use rather than for which it was availed, as well as the default is made in spite of having the ability to repay it.

PTI

Updated Date: Oct 27, 2014 15:15:56 IST



Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

CORONAVIRUS

COVID-19 Information Centre

  • 24 hrs. helpline no. -
  • +91-11-23978046
  • 24 hrs. toll free no. -
  • 1075

India

  • Active Cases

  • Total Confirmed

  • Cured/Discharged

  • Total DEATHS

*change over the previous day
Data Source: Ministry of Health and Family Welfare, India
Updated: Jun 02 (08 AM)
Hospitals & Testing centres

World

  • Active Cases

  • Total Confirmed

  • Cured/Discharged

  • Total DEATHS

*change over the previous day
Data Source: Johns Hopkins University, U.S. (www.jhu.edu)
Updated: Jun 02 (08 AM)
Hospitals & Testing centres