Kingfisher to challenge Union Bank's decision

In a statement, the Vijay Mallya-owned company said, "KFA and its directors will vigorously challenge the decision of UBI".

Hours after the Supreme Court refused to entertain a petition filed by  Kingfisher Airlines against being declared wilful defaulter by Union Bank of India , the airline today said it would "vigorously challenge" the bank's decision. In a statement, the Vijay Mallya-owned company said, "KFA and its directors will vigorously challenge the decision of UBI" and they "strongly deny the allegations of wilful default for alleged non-payment of Rs 7.5 crore to UBI."

"KFA and its directors have not been given any opportunity to present their case through lawyers of their choice before UBI who have come to a wrongful ex-parte decision in great haste when the question of legal representation was under challenge," Prakash Mirpuri, Vice President (Corporate Communications) of the UB Group, said.

Also Read: SC declares Kingfisher plea as infructuous

The airline had yesterday too accused the UBI of having proceeded post haste to "declare KFA and its directors or erstwhile directors as wilful defaulters in respect of an overdraft facility of Rs 7.5 crore." It had also said that "KFA intends to pursue all available legal remedies". State-run UBI had yesterday become the first lender to declare the debt-ridden airline and its promoter Vijay Mallya as wilful defaulters.

Kingfisher Air stock price

On September 02, 2014, Kingfisher Airlines closed at Rs 2.59, down Rs 0.09, or 3.36 percent. The 52-week high of the share was Rs 6.84 and the 52-week low was Rs 2.06.

The latest book value of the company is Rs -166.59 per share. At current value, the price-to-book value of the company was -0.02.

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