The State Bank of India has decided to write off loans nearly 7,016 crore of as many as 63 wilful defaulters, including Vijay Mallya’s Kingfisher Airlines. Mallya’s KFA heads the list of wilful defaulters with SBI and the airline has outstanding dues of almost 1,201 crore rupees.
Some of the other prominent defaulters who feature in the write-off list are; KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore).
The bank confirmed that the Kingfisher loan has been moved, along with other bad loans, to a category called AUCA or "Advance Under Collection Accounts", which allows them to take the bad debt off their books while keeping alive the option of pursuing its recovery.
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