Banks seize Kingfisher assets

MUMBAI, 13 August 2013: Indian banks have begun seizing assets controlled by Indian business mogul Vijay Mallya, who could lose his luxury Goa holiday home over debts run up by his failing airline, a report said Monday.

Lenders to his Kingfisher airline took possession of one of the group’s corporate offices, Kingfisher House, in suburban Mumbai, the Economic Times said, quoting an unnamed bank official.

Mallya’s parent firm, United Breweries, is in a battle with the lenders, seeking damages of around 45 billion rupees (US$730 million) and arguing they have no right to sell the assets.

Continued:

http://www.ttrweekly.com/site/2013/08/banks-seize-kingfisher-assets/

Been coming for a while, I flew with them once about 3 years ago and then no IFE all the way to London, the writing was on the wall then, anyone who flew with them was unlikely to be a returning for another flight. It might have been better called EGO AIRLINE.

+1, just a matter of time.

He has a history of aviation companies folding up before Kingfisher.