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Wednesday, February 27, 2013

SBI may issue loan recall notice to Kingfisher soon
[This is another of those superfluous news which does not make any sense in the current context when the company is making restructuring efforts. This kind of effort comes into play when the other side is not willing to do any restructuring or not doing anything, to run the business again. 2ndly, calling of loans does not mean recovery of loans, because there would be long drawn legal process whereby, there could be possibilities of  KFA Ltd winning the case too and create problems for the Banks. The consortium of Banks know the legal hurdles and hence this will be the last option they would probably try against a business tycoon like Dr.Vijay Mallya. Therefore, Hence, this is another of those junk news, which needs to be ignored or thrown into dust bins]. 
State Bank of India ( SBI ), the largest lender to Kingfisher 's said that a loan recall notice is likely to be issued to Kingfisher Airlines in a month time. SBI, the country's largest bank, has so far extended credit to the tune of Rs 1,700 crore to the ailing airlines.
Speaking on the sideline, Krishna Kumar, MD, SBI said to CNBC-TV18, exclusively that lenders to Kingfisher have formed a sub-committee and are seeking legal opinion over recalling loans. Once recall notices are sent action will be taken on assets pledged.

Courtesy: Money Control