Banks will now encash Mallya's securities for debt recovery

February 13, 2013 11:10

After waiting for almost a year, lenders led by State Bank of India on Tuesday decided to recall loans given to Vijay Mallya's Kingfisher Airlines and encash shares that are pledged with banks as collateral.

Subsequently, if loans adding up to Rs 7,500 crore and overdue of over Rs 1,000 crore are not repaid by the flamboyant businessman, who often drew comparisons with Virgin's Richard Branson, lenders will encash other securities, including Mallya's personal guarantee and property. Already, banks are in the process of selling his villa in Goa to recover part of the dues. More

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