Business tycoon Vijay Mallya, chairman of Kingfisher Airlines, has submitted a repayment plan to the Supreme Court.
Liquor baron Vijay Mallya financialexpress
The consortium of lenders to Kingfisher Airlines, led by State Bank of India (SBI), told the apex court that they will need some time to study the proposal made by Mallya.
The principal amount of the loan is believed to be over Rs 7,000 crore.
Mallya has also accused media of running campaign against him while assuring to payback loans. On this, the SC bench observed that media is doing its job in public interest.
Finance Minister Arun Jaitley, had earlier warned wilful defaulters to either pay up honourably or face coercive action. “I don’t want to make any comments on individual cases, but I think it’s a responsibility of large groups like his (Vijay Mallya’s) to honourably settle their dues with the banks.”
“Banks have some securities. Banks plus other agencies have also coercive methods available with them through legal enforcement. These are all being investigated by relevant agencies,” Jaitley has said.
Mallya has been declared a wilful defaulter with dues over Rs 9,000 crore. Recently, lenders to the airline put the company’s trademarks and brands on auction to recover dues estimated at about Rs 6,963 crore in February 2014.