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India : IDBI Bank elucidated with IDBI's INR 950 crore loan to KINGFISHER

August 14, 2014

IDBI Bank Ltd has cleared up with IDBI's INR 950 crore to Mallya's Kingfisher under CBI lens".

According to the bank, "IDBI Bank is one of the 16 consortium lenders to Kingfisher Airlines Ltd. (KAL). KAL defaulted in its payment obligations to the Banks and Banks have jointly taken several recovery actions against the Company and its promoter. The preliminary enquiry initiated by CBI a few months ago is against the borrower, KAL and not against IDBI Bank, as reported in the media. The Bank has been providing all the information and documents sought by the Agency in the matter and will continue to extend full assistance to the Agency in the said enquiry."

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Source: TendersInfo (India)

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