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Supreme Court to hear banks' plea against Vijay Mallya on 18 July

News Agencies | Updated on: 14 July 2016, 18:44 IST

The Supreme Court said today that it would hear the contempt petition filed by a consortium of banks against businessman Vijay Mallya on 18 July.

It may be recalled that in April, the apex court had directed Mallya to disclose all the assets held by him and his family.

The consortium of banks had also rejected his offer to repay Rs 4,000 crore as settlement of all debts. The one-time owner of Kingfisher Airlines owes 17 banks, including the State Bank of India, over Rs 9,000 crore, including interest.

Mallya, a one-time Member of Parliament, is under investigation by various agencies, including the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO), which probes white collar crimes.

Last month, a special Prevention of Money Laundering Act (PMLA) court in Mumbai had declared Mallya a proclaimed offender in a loan default case.

On 13 March, Mallya claimed that the consortium had already recovered Rs 2, 494 crore from Kigfisher Airlines since 2013. On 11 June, the Enforcement Directorate had attached properties worth Rs 1,411 crore of Mallya and UB Ltd in connection with its money laundering probe in the IDBI Bank loan default case.

Mallya left for the United Kingdom on 2 March using his diplomatic passport which was later revoked by the Ministry of External Affairs.


First published: 14 July 2016, 18:44 IST