Monday, June 24, 2013

NEWS | SBI objects to Paramount's revival plan over dues

State Bank has written to aviation regulator DGCA expressing concern over the grounded Paramount Airways' plans to re-launch the carrier.
State Bank has written to aviation regulator DGCA expressing concern over the grounded Paramount Airways' plans to re-launch the carrier, saying it has been in default for long.

"Yes, we have written to the Director-General of Civil Aviation expressing our concern, as the company has been in default for long. We informed them of the arrears that the airline promoters owe us and other banks," State Bank Of India Chairman Pratip Chaudhuri told PTI.

"They have defaulted on around Rs 100-crore loan we have extended to them (since late 2008). Currently, we are in the recovery process," he said.

Paramount owes around Rs 450 crore to an SBI-led consortium of banks which includes Bank of India, Central Bank of India, IDBI BankBSE -0.96 %, Indian Bank and Andhra Bank.

SOURCE:http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/sbi-objects-to-paramounts-revival-plan-over-dues/articleshow/20698816.cms






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