UBI files caveat in SC against Kingfisher Airlines

Aug 29 2014, 16:23 IST
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 KFA, now grounded, had taken a loan worth of Rs 350 crore from the bank. (Reuters) KFA, now grounded, had taken a loan worth of Rs 350 crore from the bank. (Reuters)
SummaryThe division bench of the High Court dismissed a Kingfisher Airlines appeal...

State-owned United Bank of India (UBI) has filed a caveat in the Supreme Court against Kingfisher Airlines (KFA) shortly after Calcutta High Court division bench's judgement was delivered yesterday.

"We filed the caveat against Kingfisher Airlines Ltd in SC shortly after Calcutta HC delivered the judgement yesterday", executive director of UBI D Narang told PTI today.

The division bench of the High Court dismissed a KFA appeal against UBI and upheld decision of single judge of not allowing the company to be represented by a lawyer.

The order said that either KFA chairman Vijay Mallya could appear or send a company representative for the hearing in front of the bank's grievance redressal panel.

Earlier, UBI had identified Vijay Mallya as a wilful defaulter and asked him to appear before the bank's panel to hear him out before declaring him as a wilful defaulter.

Mallya later moved the court seeking exemption of his appearance before the panel.

KFA, now grounded, had taken a loan worth of Rs 350 crore from the bank.

Several other banks like SBI and PNB were also on the trail of declaring Mallya a wilful defaulter.

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