On Tuesday, Supreme Court will hear the plea filed by SBI-led consortium of banks against wilful defaulter businessman Vijay Mallya for recovery of more than Rs 6,000 crore from him.
The consortium of banks had approached the Supreme court seeking its intervention in bringing back Vijay Mallya to India from the UK and also repayment of money which the beleaguered businessman had taken.
The Attorney General informed the Supreme court that Vijay Mallya was in England. The Supreme court had wanted to know from the Central Government about his whereabouts.
In the plea, the consortium of banks told the Supreme court that there was an outstanding loan of almost Rs. 9,000 crores against the businessman Mallya.
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 26th April 2016, Supreme Court had directed businessman Vijay Mallya to disclose his assets to the consortium. The banks also said that the disclosures made by Mallya on his Indian and overseas properties were vague.
The banks also refuted the allegation of Mallya that all 17 banks did not reject the three proposals made by him for repayment of over Rs. 9,000 crores in installments.
