Never saw something like this in COK?? Where have they placed itNo takers for seaplane two years after Federal Bank took possession of Kochi-based company
KOCHI: Over two years since Federal Bank took possession of a seaplane after a Kochi-based company defaulted on a Rs 6 crore loan, the bank is struggling to find a new buyer for the aircraft and recover the lost money.
The Aluva-headquartered private bank acquired the aircraft from Seabird Seaplane Ltd, invoking the provisions of the Insolvency Code, in a much-publicised event in October 2019. "The seaplane does not have flying licence/permits, and this may be the reason for the lack of interest from potential buyers," an official of Federal Bank told The New Indian Express.
He said the entire auction process was being done by the Insolvency and Bankruptcy Code (IBC).
For the auction of the 'Quest Kodiak' aircraft, manufactured by P&W Canada, the IBC has put a reserve price of about Rs 5.45 crore.www.newindianexpress.com