India’s Debt Recovery Tribunal on Tuesday (Oct 18)directed European aircraft manufacturer Airbus to deposit with it Rs 19.2 billion toward pre-delivery payment made by a consortium of banks for purchase of planes by now defunct Kingfisher Airlines controlled by Vijay Mallya.
Passing orders on an amended plea filed by the consortium led by the Oriental Bank of Commerce for recovery of the payment, DRT Presiding Officer K Srinivasan directed Airbus to deposit Rs 192.51 crore from any source within eight weeks.
The Oriental Bank of Commerce, Corporation Bank and United Bank of India, had submitted that they made a pre-delivery payment of Rs 192.51 crore to Airbus on behalf of Kingfisher Airlines after both parties had signed a purchase agreement in 2005. But the planes were not delivered.
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