NEW DELHI: The Supreme Court today asked liquor baron Vijay Mallya to deposit a substantial amount of money with the consortium of banks, led by the State Bank of India, for a meaningful dialogue in the case.
The SBI led consortium of banks told the apex court that they had refused the proposal of Mallya who had offered Rs 4000 crore to them. A division bench headed by Justice Kurien Joseph asked Mallya to declare his assets within two weeks to the court. Mallya, who left the country on March 2, made the offer to the group of lenders, led by SBI to pay the sum by September-end.
A consortium of 13 banks led by the SBI had moved the apex court, seeking to restrain him from leaving the country. But by the time the apex court heard the petition on March 9, Mallya had left for London. Kingfisher, once India’s second biggest airline, ceased operations more than three years ago after a stretch of losses, leaving creditors, suppliers and employees with unpaid dues.
Once known as the “King of Good Times” for his extravagant lifestyle, Mallya has denied vehemently that he had fled India. Mallya’s case has taken centre stage at a time, when the central bank and the government have begun a crackdown on bank loan defaulters to clean up the nation’s ailing state-run banks. (AGENCIES)
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