UBI slaps winding up petition against Kingfisher Airlines

FPJ BureauUpdated: Saturday, June 01, 2019, 12:10 PM IST
article-image

Declares owner Vijay Mallya as  wilful defaulter

Kolkata : City-based United Bank of India (UBI) has filed a winding up petition against Vijay Mallya- promoted Kingfisher Airlines for failing to retire loans amounting to Rs 336 crore, an official of the bank said. “We have filed winding up petition against three Mumbai- based companies, out of which Kingfisher Airlines is one,” the bank official told PTI. The other two companies were Spanco Limited (Rs 37 crore) and Arch Pharma (Rs 56 crore).

 All the three winding up petitions have been filed in the Bombay High Court recently, the official said. He also said that the bank had identified Vijay Mallya as a willful defaulter, along with Bipin Vohra of SPS Group. “We have identified both Mallya and Vohra as wilful defaulters and are initiating steps in that direction,” the official said.

The bank would have to satisfy certain RBI norms before declaring someone a wilful defaulter.

State Bank of India, which has an exposure of Rs 1,600 crore to grounded airline, had said earlier that it was also exploring ways to declare Mallya as a wilful defaulter. Once declared a wilful defaulter, the person would not be able to borrow in future and lose director-level positions in companies. Earlier, UBI had slapped winding up petition against REI Agro.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Sensex is back at 60,000 mark after 4 months; Nifty above 17,873 level

Sensex is back at 60,000 mark after 4 months; Nifty above 17,873 level

J&K Police arrest kin, attach house of Adil Wani, suspected of killing Pandit in Shopian yesterday

J&K Police arrest kin, attach house of Adil Wani, suspected of killing Pandit in Shopian yesterday

Mumbai updates: 3 signal failures reported at CSMT; local trains on Central, Harbour line delayed

Mumbai updates: 3 signal failures reported at CSMT; local trains on Central, Harbour line delayed

Maharashtra: Five of family killed as container hits their car near Pune

Maharashtra: Five of family killed as container hits their car near Pune

Row over participation of child dressed as V D Savarkar in Kerala school's I-Day event

Row over participation of child dressed as V D Savarkar in Kerala school's I-Day event
epaper
Do you wish to receive daily Epaper on your WhatsApp for FREE?
NO
Yes