Consortium led by SBI gets Rs 550 cr by selling assets of KFA

Posted By: Religare
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State Bank of India (SBI), together with its consortium, has recovered around Rs 550 crore by selling assets of troubled airline Kingfisher, reported PTI.

Out of this, SBI got Rs 140 crore, for the rest of the nearly Rs 6,000 crore unpaid debt, he said banks have personal guarantees of airline chairman Vijay Mallya.

The consortium has taken possession of Kingfisher House, the corporate office of now defunct Kingfisher Airlines which owes about Rs 7,000 crore to the lenders, said PTI.

KFA has been grounded since October 1 last year after a labour unrest due to non-payment of salaries which have not been paid since last May.

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Read more about: kingfisher airlines, sbi
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