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  • SC notice to Mallya over contempt petition by banks

    Published on July 25, 2016

    mallayaNew Delhi: The Supreme Court on Monday issued a notice to the absconding industrialist Vijay Mallya, over a contempt petition filed by banks, for not disclosing his assets. The banks have alleged that he has not given full details of his assets. The court also gave time to the Debt Recovery Tribunal to complete hearing in the Mallya loan default case.

    Mallya had been directed by the apex court this April to disclose all assets held by him and his family, after his creditors rejected his offer to repay 4,000 crore rupees to settle the debts of the grounded Kingfisher Airlines. Mallya had agreed to disclose a list of assets held by him in India.

    However, he said that he will make the declaration to the Supreme Court and requested the apex court to not pass on the information regarding his India assets to banks.

    Mallya is under probe from both the Enforcement Directorate and the Central Bureau of Investigation for a 9,000 crore rupees loan scam. A consortium of banks had moved against Kingfisher Airlines Ltd in 2013 for defaulting on loans.