The meeting could not make any headway as the Vijay Mallya-led Kingfisher Airlines could not commit on fresh fund infusion

Mumbai: The much-anticipated meeting between the management of the crippled Kingfisher Airlines with the consortium of 17 banks, which have a combined stressed exposure of over Rs7,500 crore to airline, on Thursday failed to make any headway, reports PTI.

The meeting, held in Mumbai at the State Bank of India (SBI) headquarters, was attended by most of the lenders and the airlines' chief executive officer Sanjay Aggarwal and chief financial officer HG Raghunath.

Though the airline made a presentation, they could not commit on fresh fund infusion, according to bankers.

Lenders' sources said the meeting could not make any headway as the company could not commit on fresh fund infusion.

They said that they have appointed HDFC Securities to value two of the already pledged properties of Kingfisher--the Airline House in suburban Andheri here which has a market value of around Rs90 crore and a villa in Goa, having a market value of Rs30 crore.

According to banking sources, the existing 17 lenders also discussed the loan sell-off by ICICI Bank (worth Rs430 crore) early this week to a hedge fund run by Srei Infra Finances.

Bankers, who have over 20% stake in the airlines following last Corporate Debt Restructuring (CDR), also said they may meet next month.

At the last meeting of the consortium in March, the bankers insisted on the promoters bringing in at least 50% of the fresh funding requirement (around Rs2,000 crore) as a precondition for any new advances to the airline, after it stopped servicing its loan from January.