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Published on Sat, May 04,2013 | 14:18, Updated at Sat, May 04 at 14:20Source : Moneycontrol.com | Watch Video : 
In a rare act of aggression, lenders to Kingfisher Airlines have invoked the personal guarantee offered by promoter Vijay Mallya. I say rare, because in this country bankers have hardly ever taken action against non-performing business promoters. Kingfisher Airlines that has been out of operation since October last year owes over 17 bank lenders approximately Rs 7000 crores. Of that, bankers claim they have collateral worth Rs 6350 crores, not counting the Kingfisher brand. Last month, after having waited long and hard for Kingfisher to service its loans, banks sold some UB group shares that were pledged against the loans but that yielded them just about 550 crores. This week CNBC TV18 banking correspondent Gopika Gopakumar reported that banks have invoked Vijay Mallya's personal guarantee and a corporate guarantee offered by UB holdings, the group holding company. It seems at the time of offering a personal guarantee Mallya's networth was Rs 1500 crores, whereas UB holding's shares in group companies were worth Rs 8316 crores. So do bankers finally stand a good chance of recovering their money or rather depositors' money? To discuss that I am joined by Pramod Rao, Partner Indus Law and Former General Counsel of ICICI Bank and H Jayesh of Juris Corp both men well versed in matters of non-performing promoters and recovery proceedings.
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