Noose tightens: HDFC to vet KFA non-core assets | Firstpost There were earlier reports that SBI lead bankers wanted to attach Mallaya's Villa in Goa to help in recovery of loans.
Troubles continue for the King of Good times as yesterday i.e 11th of July 12 flights were cancelled as pilots stayed on strike protesting against salaries not being paid. 12 Kingfisher Airlines flights cancelled as pilots' strike continues - The Economic Times Earlier till last month Lessors had tsken back 34 aircraft from KFA.
Not as yet. The DGCA has been shifted and so Kingfisher can have their second wind! Behind DG’s quick exit, Ajit-govt standoff http://timesofindia.indiatimes.com/...t-Ajit-govt-standoff/articleshow/14834348.cms
The Govt. will even have to shift the MD of SBI as his bank is leading the efforts to attach Mallya's villa at Goa and his Yacht to recover their dues.
Mysteriously this govt. is giving a very long rope to Mr. Mallya and even as far as sacking DGCA. If tomorrow something unfortunate happens, it will be on UPA govt., not mallya and not the DGCA.
E K Bharat Bhushan was one of the finest DGCAs India has ever had. He cracked down on corruption, various scams, and cleaned up the DGCA very nicely. However, he went one step too far in threatening to withdraw Kingfisher's AOC. The fact that Ajit Singh and Zaidi are willing to go as far as to sack EKBB to keep Kingfisher in operation means that they actually think that Kingfisher can keep flying for more time, until a point where VJM and his cronies have gotten as much out of the airline as they possibly could. Regardless, now that EKBB has been replaced, I would not trust the safety of Kingfisher Airlines. The DGCA maintenance surveillance that EKBB had ordered will be scrapped soon, and Kingfisher will undoubtedly start to cut corners.
Behind the sacking of Mr.Bhushan lies not just the case of KFA but also, the refusal by the gentleman to allow import of old aircraft, older than 15 years into India. At the behest of some Industrialists the Civil Aviation Minister had mooted the change in the rules, but looking at the safety aspect Mr.Bhushan had refused to pass the file. This had not gone down well with the Minister. You can read the complete article here Turbulence over old planesÂ’ import led to DGCA exit - Indian Express
aeroblogger, could you shed some light on the case of the Non Scheduled operators that also seems to be cause of friction between EKBB and Ajit Singh.
the khodays and mallaya fought in the Karnataka liquor lobby for nearly 60 years.Now thanx to mallayas idiocy the khodays will rise again.They have assets over 1 lakh crore in Bangalore itself
how they can attached his property, if it is not kept as security? Under Securitisation Act they need to give 60 days notice after taking approval from 2/3 consortium members. He should come to my office, just pay lots of $$$$ and we will save him.
Sure, that's also an issue, although I'm inclined to think that it is secondary to Kingfisher. Quite simply, MoCA( read: Ajit Singh and possibly Zaidi) wanted for DGCA to loosen up safety regulations in a variety of ways - import restrictions most notably, but also some maintenance procedures, operating procedures, etc. NSOs would be particularly affected by these changes... DGCA (read: EKBB) thought that current regulations were loose enough, and refused. As you can imagine, this wasn't going over well with MoCA. I'd like to think that this is a result of the conflicting mandates of the 2 organizations - MoCA is meant to encourage development of aviation, while DGCA is responsible for keeping that aviation safe. But it is more likely that corruption played a significant part in this...
Saya, this was in papers a couple of day's back Lenders may sell Vijay Mallya's Goa villa: top 10 developments | NDTV.com
Sure. Importing through an NSO and bribing the MoCA is cheaper than importing legally. The blame lies with the tax code.
Sob, there are three ways they can do that. 1. Airline and the creator of security interest (asset given as security) both or either of them come forward and pay the amount to secure their asset or give possession of asset. 2. Banks can take action under securitisation and reconstruction of financial assets act 2002, it has short and simple procedure banks in this case 2/3 members agree for action and they will issue notice under 13(2) after account is declare as NPA, they will give 60 days notice and take over the property. NPA is non payment of interest or installment or account is over limit for 90 days. so 90 days + 60 days, bank can take over its secured assets, with police protection. 3. If the amount is more then 10 lacs then recovery case can be filed in Debts Recovery Tribunal (DRT). these are the only ways in which banks can proceed for its recovery. I practice in Debts Recovery Tribunal, In second case it is the DRT which has jurisdiction to stay action under securitisation and reconstruction of financial assets act.
