Supreme Court adjourns hearing in Vijay Mallya bank default loan case

The Supreme Court, on 4 October, heard the plea of the State Bank of India-led consortium of 17 banks against Vijay Mallya for bringing him back to India in connection with a loan defaulting case, adjourned the matter.

However, the next date of hearing has not been fixed yet. The apex court is likely to hear the matter on 18 October.

The consortium of banks had approached the top court seeking its intervention in bringing back Mallya to India and also the repayment of money which the beleaguered businessman had taken.

The top court had wanted to know from the Union Government about his whereabouts. The Attorney General informed the apex court that Mallya was in England.

The banks, in their plea, told the apex court that there was an outstanding loan of almost Rs. 9,000 crores 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 26 April, 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".

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 crores in installments.

--ANI