Millennium Post

Days After UBI, SBI sends wilful defaulter notice to Vijay Mallya

Days after United Bank of India declared Kingfisher Airlines promoter Vijay Mallya and three other directors wilful defaulters, SBI on Tuesday said it too has sent a notice to tag them 'wilful defaulters'. 'We have already sent a notice to KFA (to declare it a wilful defaulter). There is a mandatory time that needs to be given to them to respond and that time is currently on,' said SBI Chairperson Arundhati Bhattacharya.

SBI, which is the lead bank of a lender consortium to the crippled carrier, has an exposure of over Rs 1,600 crore. The airline owes Rs 7,600 crore to 17 banks. In February 2012, the banks had formally declared loan recall on KFA and begun the recovery process.
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