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State-run lender United Bank of India today informed the BSE that it does not expect to recover Rs 400 crore it had lent to the grounded Kingfisher Airlines in the short-run but hoped the recovery could be possible in the long-run.
The statement came after the stock exchange sought clarification from the lender regarding yesterday's report which quoted its MD & CEO P Srinivas as saying that the bank did not expect to recover Rs 400 crore loan given to the airline.
"Considering the long-drawn nature of these legal entanglements, claims raised by other statutory/regulatory authorities in view of the defaults committed by the borrower (Kingfisher Airlines) under other statutes and regulations and the amounts recovered so far, the bank feels that the possibility of any immediate major break-through in the account is difficult for the present," the banksaid in a filing to the exchange.
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