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UCO Bank identifies Kingfisher Airlines as 'wilful defaulter'

  •   Mon, Oct 27 2014 04:07:02 PM

Kolkata, Oct 27 (PTI): City-based UCO Bank today said it has "identified" Vijay Mallya-owned Kingfisher Airlines (KFA) as a "wilful defaulter" and will be sending a notice to the defunct carrier.

"We have identified KFA as a wilful defaulter. We are in the process of sending a notice to the company in this regard", a source in the bank told PTI.

Other banks like State Bank of India and Punjab National Bank are also mulling this route.

United Bank of India has already declared KFA a 'wilful defaulter' for defaulting a loan of Rs 350 crore.

Beside KFA, UCO Bank will also send a notice to the company which had furnished a corporate guarantee for availing a loan of around Rs 450 crore, the source said.

As per RBI guidelines, a wilful defaulter tag would be given if it is found that a loan taken is diverted for some other use rather than for which it was availed, as well as the default is made in spite of having the ability to repay it.
  

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Comment on this article

  • simple, bangalore

    Tue, Oct 28 2014

    S. Shetty, Mundkur

    it has been officially "established"
    for every one to know that Kingfisher Airlines which is owned by Mallya is d as "Wilful Defaulter". By doing so UCO Bank is seeking support of others who too have advanced money and to KA owned by Mallya as "WD".
    UCO is not only the one trying to recover loans from KA hence this declaration.
    Like you me taking a loan as individual, it is a different matter.

    DisAgree Agree Reply Report Abuse

  • Rosario Fernandes, Kallianpur

    Tue, Oct 28 2014

    Best escape for Mallya is to join BJP, as the way NCP trying to survive.

    DisAgree Agree [2] Reply Report Abuse

  • Sachidanand Shetty, Mundkur/Dubai

    Tue, Oct 28 2014

    What a funny action by UCO Bank…. Dear Friends if we don’t pay any EMI for our any type of loan, next month their people starts chasing us or visits of our home regularly. But here in this case “Identified” means what, they identified Mallya now or they identified Mallya’s default now?

    DisAgree [1] Agree [2] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Oct 28 2014

    WHY IS HIS NAME MISSING IN FEKU'S LIST ...

    DisAgree [3] Agree [1] Reply Report Abuse

  • Anwar Sadath, Riyadh/Manglore

    Mon, Oct 27 2014

    Why GOVT is showing softness to Mallya if this would have done by any common man then at this time all his properties and assets would have auctioned because of him MCF is closed let him pay for it

    DisAgree [4] Agree [7] Reply Report Abuse

  • Dr.Shankarnarayan, Mangaluru/Abu Dhabi

    Mon, Oct 27 2014

    These banks will recover only loans of middle class and poor people.They send goondas to their house and threaten them. Make hundreds of phone calls. This has lead to suicides of defaulters. But people like Mallya becomes willful defaulter and escape with swallowed money. Idu yava nyaya.

    DisAgree [3] Agree [12] Reply Report Abuse

  • Arun Shetty, Mangalore

    Mon, Oct 27 2014


    Are there any possibilities to recover the Loan amount and what would be the next step?
    He must have made full homework before taking such steps.

    DisAgree [5] Agree [11] Reply Report Abuse


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