Interestingly, the Kolkata-based lender was the first bank to attempt to get Vijay Mallya, the chairman of Kingfisher Airlines, tagged as a wilful defaulter.
     
Mallya and UB Group, however, challenged this tag in the court.
     
The lenders have so far been able to recover just about Rs 1,000 crore from Kingfisher Airlines out of their over Rs 7,500 crore exposure (excluding penal interest), since they recalled the loan in February 2013, by selling pledged shares in group companies.
     
"Now, nothing is happening on the Kingfisher account and we are not getting any amount. We may ultimately get a few more crores by selling that building (Kingfisher House in Mumbai) and other collaterals," United Bank of India Managing Director and CEO P Srinivas said.
     
"But when you look at the total loan amount, what we may ultimately recover is just equivalent to interest component. In last two years, we lost interest payment and we may be able to recover that much and the principal amount we may not," he said.

Latest News  from Business News Desk