Nine Kingfisher trademarks put up for sale

Apr 07 2014, 21:35 IST
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As part of the second loan restructuring in November, 2010, the lenders forced Mallya to pledge brand Kingfisher for around Rs 4,500 crore. As part of the second loan restructuring in November, 2010, the lenders forced Mallya to pledge brand Kingfisher for around Rs 4,500 crore.
SummaryKingfisher lenders today put on block nine trademarks of the grounded carrier to recover dues running into crores of rupees.

Kingfisher lenders today put on block nine trademarks of the grounded carrier to recover dues running into crores of rupees.

The trademarks put on on the block include Fly Kingfisher and Fly Kingfisher (Label), both registered with KFA and each having a validity of up to January 10, 2017. Flying Models registered with United Breweries (airline promoter) and valid up to August 6, 2014 is also put up on sale.

The others are Fly the Good Times and the Funliner (registered with KFA and valid up to August 6, 2014); the Kingfisher (Label) registered with UB and valid up to November 1, 2014; and the Flying Bird Device, registered with UB and valid up to November 5, 2014, SBI Caps Trustees said in a public notice.

SBI Caps has been tasked by a 17-member consortium of lenders, led by SBI, to recover their dues running into over Rs 7,500 crore in principal alone from Kingfisher Airlines, promoted by Vjay Mallya.

"A notice has been issued under Rule 5 of the Security Interest (Enforcement) Rules of 2002, for estimation of the market value of trademarks pertaining to Kingfisher Airlines and for identifying interested parties," it said.

The crippled carrier's other debt includes over Rs 13,000 crore in accumulated losses and unpaid salaries, taxes, and vendor dues.

As part of the second loan restructuring in November, 2010, the lenders forced Mallya to pledge brand Kingfisher for around Rs 4,500 crore.

The notice said interested parties can acquire these trademarks on an "as is where is" and "as is what is" basis.

The submitted EoIs shall be considered solely for determining estimated market value of the trademarks and to determine interest of prospective buyers to acquire them, it said. The last date for submission of EoIs is April 21.

SBI, the consortium leader, has the maximum exposure of Rs 1,600 crore to the airline, followed by PNB and IDBI Bank Rs 800 crore each, Bank of India Rs 650 crore and Bank of Baroda Rs 550 crore.

Among others, United Bank of India has Rs 430 crore, Central Bank of India (Rs 410 crore), Uco Bank (Rs 320 crore), Corporation Bank (Rs 310 crore), State Bank of Mysore, (Rs 150 crore), Indian Overseas Bank (Rs 140 crore), Federal Bank (Rs 90 crore), Punjab & Sind Bank (Rs 60 crore) and Axis Bank (Rs 50 crore).

Lenders outside the consortium are Srei Infrastructure Finance

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