BFIs feel relieved as Simrik Air buys Sudhir Basnet - promoted Agni Air

ShareSansar, October 3:

Three BFI’s have breathed a sigh of relief as Agni Air has been bought by Simrik Air, which had failed to pay back Rs 62 crore it had borrowed from them.

The deal, which brings all the five aircrafts of Agni Air under Simrik Air, was brokered by the affected Grand Bank, Sunrise Bank and International Leashing and Finance Company, will help recover the bad loan.

As per the Rs 80 crore deal, Rs 50 crore will go straight to Grand Bank, and the remaining Rs 30 crore will go to Namaste Air, which had reached an agreement with Agni Air to take charge of its management for five years, according to sources privy of the development.

As these BFIs had recovered Rs 12 crore in the past, Agni Air has now paid pack Rs 62 crore out of around Rs 65 crore (including the interest and fines).

Agni Air’s promoter Sudhir Basnet has been blacklisted as a defaulter, and the privately operated airlines had even stopped operating flights since last year due to poor financial condition.

The Civil Aviation Authority of Nepal (CAAN) has already revoked the license of the airlines.

It may be noted here that though Sudhir Basnet has been freed from the loans he had borrowed from these three BFIs, he is yet to pay around Rs 7 arba, which he had borrowed from other BFIs, cooperatives and the Employers’ Provident Fund, according to knowledgeable sources.