India tribunal rules in favour of lenders in Kingfisher loan default case – TV

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Kingfisher Airlines Chairman Vijay Mallya speaks to the media during a news conference in Mumbai November 15, 2011. REUTERS/Vivek Prakash/File photo

MUMBAI (Reuters) – A tribunal in the southern indian city of Bengaluru has ruled in favour of a group of creditor banks seeking to recover more than $1 billion (815.8 million pounds) in loans now-defunct Kingfisher Airlines owes them, television channels reported on Thursday.

Kingfisher, once India’s second best airline and controlled by liquor baron Vijay Mallya, stopped flying in October 2012, leaving creditors, suppliers and employees unpaid.

Mallya, flamboyant former billionaire, moved to Britain in March last year after being pursued in courts by the banks, The Indian authorities have sought ways to have Mallya, who denies being an absconder, deported by Britain.

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The lenders have also separately appealed to India’s Supreme Court for the recovery of their loans to Kingfisher.

(Writing by Devidutta Tripathy: Editing by Biju Dwarakanath)

 

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