Banks have not started recoveries, says Kingfisher

Earlier, SBI said lenders hoped to recover Rs 135 cr by selling properties in Mumbai, Goa

Beleaguered Kingfisher Airlines said on Thursday that its lenders had not started recovery proceedings after a bankers' meeting earlier in the day.

The loss-making carrier, saddled with debt of $1.4 billion at the end of March, said it had previously approached its banks with a proposal to sell a building it owns in Mumbai, and that was discussed at Thursday's meeting.

Earlier, a senior executive at State Bank of India told Reuters that lenders to Kingfisher expect to recover about Rs 135 crore by selling properties in Mumbai and Goa and gave the airline 15 days to come up with 'concrete steps' to improve operations.