Nine Kingfisher trademarks put up for sale

The exit of these directors have now virtually sealed the fate of the airline with experts ruling out any chance of revival of the airline.

Kingfisher lenders on Monday put on block nine trademarks of the grounded carrier to recover dues running into crores of rupees. The trademarks put on the block include Fly Kingfisher and Fly Kingfisher (Label), both registered with KFA and each having a validity of up to January 10, 2017.

Meanwhile, three Kingfisher Airlines directors, including A K R Nedungadi, have stepped down from the board of defunct airline. Nedungadi, UB Group’s chief financial officer and also group president, is considered as a close confidante of chairman Vijay Mallya. The company which suspended its operations now has Mallya as its sole member on the board.

Though the airline stopped operations in 2012, it had incurred a loss of Rs 822 crore during the quarter that ended December 2013. Its losses for the FY13 were Rs 4,301 crore.

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The SBICap Trustee Company has initiated steps to sell the airline’s brand to recover the lenders’ dues after it defaulted on Rs 6,500 crore loan.

It may be recalled that the brand name was pledged to about 14 lenders, including State Bank of India (SBI), under a debt recast agreement in which loans were restructured under a CDR scheme. SBICap Trustee Company Limited, a subsidiary of SBI Capital Markets, has invited expressions of interest from organisations, which wish to acquire trademarks related to KFA.

“SBICap Trustee Company invites EOI from parties who wish to indicate their interest to acquire the trademarks pertaining to Kingfisher Airlines Limited on ‘as is where is’ and ‘as is what is’ basis. The interested parties may submit the EOI with indicative purchase prices,” SBICap Trustee said in a notice. The airline notified stock exchanges on Monday that Nedungadi, S R Gupte and M S Kapoor had resigned from the airline board. Gupte, former chairman of Air India, is a veteran with the group, while Kapur is former chairman of Vijaya Bank.

The exit of these directors have now virtually sealed the fate of the airline with experts ruling out any chance of revival of the airline. Nedungadi was closely associated with the airline since its inception and was also actively involved in the restructuring attempts.

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The crippled carrier’s other debt includes over Rs 13,000 crore in accumulated losses and unpaid salaries, taxes, and vendor dues.

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