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Bankers may not immediately move ahead with revaluing or monetising Kingfisher Airlines brand even as a consortium of lenders struggles to recover dues from the Mallya Group,say sources. This may delay recovery of dues since the brand formed a large chunk of the recoverable assets.
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The 14 bank consortium,which has an exposure of close to R7,000 crore,is still trying to liquidate the other assets that promoter Vijay Mallya had pledged while availing loans from these banks. These assets include the two helicopters,real estate properties in Mumbai and Goa,corporate guarantees provided by United Breweries Holdings and personal guarantee provided by Mallya.
We are yet to approach the debt recovery tribunal (DRT) for this,however,we will try out every legal step to recover our loans, said another banker,who is part of the consortium.
The lenders have served Kingfisher Airlines with a Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) notice earlier this month and at the end of the 60-day grace period,bankers will take control of the immovable properties held by the company.
Apart from R680 crore recovered from the sale of shares of United Spirits,Mangalore Chemicals & Fertilisers and KFA,which were pledged to it,the consortium hasnt been able to cash in on other collateral,so far.
The consortium has also advised Srei Infrastructure not to sell the shares of United Spirits it holds at less than the current market price.
