The banks which had lend money to Kingfisher Airlnes has now initiated the debt recovery process. State Bank Of India (SBI) has taken this decision in a review meeting held on Thursday to review Kingfisher's financial position.

Sources say, Kingfisher has to clear a debt of Rs 140 crores in SBI itself. Plans were on to sell Vijay Mallya's assets which worth Rs 135 crores located at posh areas in the cities ike Mumbai and Goa. Kingfisher's House in Mumbai and a Villa in the city will be sold out first.

With each passing day, the problems Kingfisher Airlnes has been facing were getting multiplied. With thousands of crores debt, pilots strike for salaries and frequent cancellation of flight services, Vijay Mallya's Kingfisher is heading towards a complete shutdown!