Vijay Mallya loan default case hearing continues in SC today

The banks also refuted Mallya’s allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs. 9,000 odd crore in installments.

By: ANI | New Delhi | Updated: March 9, 2017 8:29 am
Vijay Mallya, Mallya extradition, Mallya money laundering case, Vijay mallya money laundering, Vijay Mallya Kingfisher, ED Vijay mallya, Mallya UK Vijay Mallya. (File Photo)

The hearing over the loan default case of liquor baron Vijay Mallya will continue in the Supreme Court on Thursday, as the State Bank of India (SBI)-led consortium of banks have filed a plea seeking recovery of the loan amount worth to the tune of Rs 9,000 crores approximately given to the businessman. In the last hearing on March 3, the banks conveyed to the apex court that Mallya did not deliberately disclose receipt of 40 million US dollars from a British company in the form of sale proceedings, as he had transferred the amount to trusts set up for his three children.

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The consortium also pleaded to the court to ensure that Mallya successfully deposits the money, adding that if he fails to do so, then the court should direct him to make a personal appearance. The banks had given loans to Mallya’s companies—the now-defunct Kingfisher Airlines, United Breweries and Kingfisher Finvest (India) Ltd.

On January 11, the apex court granted three weeks time to Mallya to file a reply to the consortium of banks who sought deposit of the amount of 40 million dollars. The consortium of banks had earlier approached the apex court seeking its intervention in bringing back Mallya to India and also repayment of money which the beleaguered businessman, who has absconded to England, had taken.

The banks, in their plea, told the court that there was an outstanding loan of almost Rs. 9,000 crore against the businessman. The banks have argued that the business tycoon has not been candid with the court regarding his assets, citing the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.

On April 26, the apex court had directed Mallya to disclose his assets to the consortium. The banks also said the disclosures made by Mallya on his Indian and overseas properties were “vague”.

The banks also refuted Mallya’s allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs. 9,000 odd crore in installments.

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  1. M
    Mar 9, 2017 at 3:23 am
    Just foreign tours to PM what a waste of;br/gt;If he can not bring thieves to justice working with UK gov.
    1. P
      Mar 9, 2017 at 5:23 am
      First there should be investigation how Mallya was allowed to flee India.
      1. S
        Mar 9, 2017 at 6:49 am
        Vijay Mallya's loan default was the gift of UPA regime to this nation. They forced the banks to advance the huge loan to that rogue.Now they are enjoying in the opposition benches and blaming Modi.Since matter was pending in the court and the court in their wisdom did not issue any detention orders government could not have detained for the allegations against him pending in the court. Modi is not a cop that he visits foreign countries to arrest the culprits.But his efforts have started bearing fruits. Britain have agreed to expedite extradition of these babies.
        1. K
          Mar 9, 2017 at 3:31 am
          State Largesse via Huge NPA/Bad loans from PSU banks causing them to cripple, Promoter taking huge severance/rich but company is debt ridden/loss making but all enforcement/investigative agencies are helpless due to lack of political will/support to correct the;br/gt;Typical story in banana republic...