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Force India 'could collapse' amid Mallya crisisUPDATE The Indian government today said some banks have initiated the process of declaring debt-ridden Kingfisher Airlines as willful defaulter. “Some banks have already started the process,” Financial Services Secretary G S Sandhu said when asked as to whether the banks are going to declare Kingfisher Airlines and its promoter Vijay Mallya as willful defaulter. Once declared willful defaulter, criminal proceedings can be initiated against promoters and directors of the company.
Besides, they would not be allowed to raise fresh funds from banks and set up new ventures for five years. “This (declaring willful defaulter) would be done by banks and it would be their individual decision,” he said.
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