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Kingfisher Airlines is ready to Auctioned

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A group of  bankers, led by State Bank of India is ready to getting into action to recover their Rs 7000 crore loan to Kingfishers Airlines.

Image via Missmalini
Image via Missmalini

What the reality is?

A few days back Kingfisher license was suspended by aviation regulator. Now lenders have called for bids for the movable assets of Kingfisher from prospective buyers. Lenders have already taken possession of the Kingfishers House, which is located at Mumbai Airport. On December 7, 2015 lenders will auciton movable properties like vehicles which includes tractors, tempos, cars, SUVs, aircraft pullers and luggage trolly.

image  via Twitter
image via Twitter

It’s been three years when a consortium of banks declared loan as non-performing assets.