Vijay Mallya moved to Supreme Court in the Bank Consortium Case

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Vijay Mallya in Supreme Court
Vijay Mallya in Supreme Court

The Supreme Court will be all set to hear the State Bank of India led consortium’s plea against out of use airline Kingfisher’s owner Mr. Vijay Mallya on 2 February 2017. The banks, in their plea, told the apex court that there was an outstanding loan of almost Rs 9,000 crore against the businessman. The banks also refuted Mallya’s allegation which was that all the 17 banks did not refuse the three proposals made by him for repayment of above Rs 9,000 odd crores in installments.

Today the Supreme Court will be hearing the famous case of Kingfisher airlines whose owner is Mr. Vijay Mallya. Earlier on January 11th, the Supreme Court granted three weeks time to Mallya to file a reply to the association of banks who sought deposit of the amount of 40 million dollars. The consortium of banks had former approached the Supreme court looking for its intervention in bringing back Vijay Mallya to India and also for the repayment of money which the beleaguered businessman, who had absconded to England earlier, had taken. The banks, in their plea, also told the apex court that there was an outstanding loan of nearly Rs 9,000 crore against the businessman.
The banks have already argued that the business tycoon has not been honest with the court regarding his assets, also citing the failure to disclose the severance package he received from Diageo Plc as a part of his exit from the United Spirits Ltd. On April 26, the Supreme 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”. Mr Mallya’s Kingfisher Airlines owes around Rs. 9,091 crore to a conglomerate of 17 banks, which have moved the Supreme Court to recover the loans from him. They have told the court that although they were willing to negotiate, Mr Mallya has not been totally forthcoming about his assets.

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