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IDBI Bank may declare Kingfisher a defaulter soon

IDBI Bank has said it is planning to announce Kingfisher Airlines as a wilful defaulter. The bank, which has a Rs 750-crore exposure to the grounded airline, said it had not been questioned by the Central Bureau of Investigation, though the agency had sought some information from it. IDBI Bank is the second bank that could list Kingfisher Airlines as a wilful defaulter. United Bank of India has served a notice on the airline asking why it should not be named a wilful defaulter. Kingfisher Airlines has moved court against the notice. United Bank of India has a Rs 400-crore exposure to the airline. IDBI Bank CMD M.S. Raghavan said the bankers’ consortium was taking steps against Kingfisher Airlines. The bank will declare Kingfisher Airlines as a wilful defaulter very, very soon as the proposal has already been taken to the bank’s board. State Bank of India leads a consortium of 17 banks that had a total exposure of Rs 6,500 crore to the airline.

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