All means of recovery will be employed to get dues from Kingisher Airline: Pratip Chaudhuri

State Bank of India, the leader of consortium of lenders to grounded airline Kingfisher, has said that they will continue to sell pledged shares of Kingfisher airline and invoke all other securities till they get back the dues.

Speaking to the reporters, Pratip Chaudhuri said, "We have given instructions to recover and enforce all the securities. Our intention is to sell everything...all means of recovery (will be employed)...nothing would escape. Till such time as we will get back our dues in full, we will press our full recourse on all the securities that we possess."

Earlier, Kingfisher Airlines had asked Bombay High Court to prevent the banks from selling pledged shares due to its Rs 11,000-crore Diageo-USL deal.

Speaking about the implication of the Diageo-USL deal on the sale of pledged shares, Chaudhuri said, "We are now indifferent to that. Our first priority is to recover the loans... Any investor comes in with eyes open."

"Open offer is at Rs 1,440, the current market price is higher, so we are not depressing the price," he said.

Read more about: kingfisher airlines
Story first published: Wednesday, April 17, 2013, 9:30 [IST]
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