Kingfisher withdraws its appeal from SC

Jul 22 2014, 00:29 IST
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SummaryKingfisher Airlines’ lenders, led by SBI, can now go ahead with their proceedings for taking over possession of 'Kingfisher House'

Kingfisher Airlines’ lenders, led by SBI, can now go ahead with their proceedings for taking over possession of 'Kingfisher House' in Mumbai and sell it to recover some of the dues as the grounded carrier on Monday withdrew its appeal from the Supreme Court.

The division bench of the Karnataka High Court in January this year had rejected the Kingfishers’ request and said that the company court had rightly held that provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002, a special enactment, overrides the provisions of Companies Act, 1956, in such circumstances.

KAL had challenged the application filed by SBI associate company — SBICAP Trustee Company — in August 2013 before the Chief Metropolitan Magistrate, Esplanade, Mumbai, seeking possession of the Kingfisher House under the Act to realise part of the debts due to the banks from KAL.

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