State Bank Of India

State Bank of India (SBI), country’s largest public sector lender has received consent from other lenders to proceed against the guarantors of loans given to the Vijay Mallya-promoted Kingfisher Airlines (KFA). They have authorized the bank to file recovery suit against the airline in the debt recovery tribunal, as lenders planning to open a new recovery in order to realize their dues aggregating about Rs 7,000 crore from the defunct Kingfisher Airlines.

Other than that, as the 17-bank consortium, led by SBI, has sold off shares of Mangalore Chemicals and Fertilisers pledged by the airline’s promoter. The consortium is also realizing its dues by selling the pledged United Spirits (USL) shares in tranches.