Banks decide to start recovery of Kingfisher loans

Kingfisher lenders today decided to start the process of recovering Rs 7,500 crore outstanding loans from the grounded airline, saying the company has failed to come up with any specific revival plan. "We have decided to recall (initiating the recovery process) the loans given to Kingfisher Airlines. However, each bank board will decide the future course of action," Shymal Acharya, the Deputy Managing Director (Mid-Corporates) of SBI, which is leader of consortium of lenders, told reporters after a two-hour meeting of bankers with company representatives. Besides five bankers led by SBI, the meeting was attended by the airline's management, including CEO Sanjay Agarwal and UB Group President and CFO Ravi Nedungadi, who did not address the waiting reporters. But Nedungadi later told