With the Karnataka High Court having rejected Kingfisher Airlines’ plea to restrain bankers from taking over the Kingfisher House in Mumbai, lenders to the company will now move ahead with the recovery process.
“It is definitely a good development for us because now we can take possession of the property and get some part of the funds recovered. However, we are still waiting for the lead bank to decide on the future course,” said a senior official of a public sector bank.
State Bank of India (SBI), which is the consortium leader, had initiated the procedure for taking over the Mumbai-based property earlier this year under the Sarfeasi Act. However, the United Breweries (UB) Group had sought intervention by the Karnataka High Court, questioning the consortium’s move to take over Kingfisher properties, while filing a winding up petition against the company at the same time.
The UB Group had first filed its application in the high court, asking for a restriction on the recovery procedures initiated by the consortium. The court had given an interim stay order, giving Kingfisher Airlines more time to restart its operations.
The consortium of lenders had started recovery procedures, through SBI, by first selling the shares of United Spirits, a company of the UB Group, which were pledged to them. Banks, however, are still looking to recover nearly R6,203 crore from the company.
Meanwhile, last month, a Goa court directed the consortium to maintain status quo on an injunction on the Kingfisher villa in Goa after they made an attempt to take possession of the property. Bankers said that no further progress has been made in the case of the Goa property.
The Karnataka High Court recently admitted a winding-up petition filed against the airline by Aerotron, a UK-based aviation services firm, which is claiming dues of $6 million. Aerotron is among several companies who have filed winding-up petitions in the Karnataka High Court. Last month, corporate banker BNP Paribas’ winding-up petition against Kingfisher Airlines was also admitted by the Karnataka High Court, over unpaid dues of nearly R200 crore. In a recent submission to the court, KFA, which has been grounded for more than a year, has estimated its assets to be worth a little less than R612 crore, including the Mumbai headquarters. The airline had reported a net loss of R716 crore in the quarter ended September.
What a knock! Hardik Pandya has once again stepped up in a tough situation. He reaches his half-century with a gorgeous looking boundary. The score moves on to 434/7.
First wicket of the day for Afghanistan. Ravichandran Ashwin departs for just 18 runs. Ahmadzai picks up his third wicket, India – 377/7.
Hardik Pandya and Ravichandran Ashwin have started cautiously on day 2. Both the batsmen are being watchful and the scoreboard is moving. The partnership is of 30 runs from 55 balls.
Rashid Khan starts off the innings for Afghanistan. The Afghan players would like to wrap up the Indian innings as soon as possible. With lower-middle order of Indian batting line in place with Ashwina and Hardik at crease, how Afghan players pick their bowlers will be interesting to see.
The BCCI congratulated Shikhar Dhawan for becoming the first Indian cricketer to score a century before lunch on the opening day of a Test. “Scoring a century in the first session is an incredible feat. I congratulate Shikhar Dhawan for his fabulous innings. It was a special knock, befitting the special occasion,” said BCCI acting president C K Khanna.
Former coach Lalchand Rajput, under whom Afghanistan had earned the Test status, said it is an emotional moment for the team as they play their maiden Test against India but only time will tell how they succeed in the longer format of the game.
After conceding 100 runs off 99 balls in his first test outing, legspinner Rashid Khan (1-120) trapped Rahane lbw in the 67th over and should have had another wicket, but Mohammad Nabi dropped Cheteshwar Pujara at slip two overs later.
Shikhar Dhawan became the first Indian player to score a century in Test cricket before lunch, joining an esteemed list of former cricketers, including the legendary Don Bradman. The explosive Indian opener hammered 19 fours and 3 sixes as he reached his century in 91 balls on the opening day of the historic India-Afghanistan test match at Chinnaswamy stadium here. He became the sixth player in the world to score a century before lunch. Last year, Australia’s dashing opener David Warner scored 100 not out before lunch against Pakistan. Other five players who achieved this milestone in the past are Victor Trumper (103 not out before lunch) against England in 1902, Charlie Macartney (112 not out) against England in 1926, Bradman (105 not out) against England in 1930, Majid Khan (108 not out) against New Zealand in 1976.
India were 347 for 6 at stumps on day one of the one-off Test against Afghanistan in Bangalore. Brief scores: India 347/6 in 78 overs (Dhawan 107, Vijay 105; Ahmadzai 2/32, Rashid Khan 1/120, Mujeeb 1/69). Rain interrupted Indian innings from time to time on Day 1.