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Apex court issues notice to Mallya on plea filed by banks consortium

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NEW DELHI: The Supreme Court has issued a notice to Vijay Mallya, seeking his response within two weeks on plea filed by consortium of banks.

After the Attorney General informed the Supreme Court that Mallya has left the country, the court allowed the notice to be served through Mallya's official Rajya Sabha email ID, through the Indian High Commission and his counsel and company.

The consortium of banks, led by SBI, has launched a recovery drive on multiple fronts: the Debt Recovery Tribunal, Karnataka High Court, Bengaluru Civil Court and the Supreme Court — to recover dues.

The consortium of banks has sought directions for appearance of Mallya in person before the Supreme Court and for seizure of his passport.

The Attorney General told the Supreme Court that Mallya’s assets abroad were far in excess to loans taken by him.

The apex court wanted to know why loans were given to Mallya when he was defaulter and was facing proceedings in court of law.

On Monday, the Bengaluru DRT restrained UK-based Diageo plc from paying $75 million to Mallya under the terms of an agreement the company signed with him.

The Presiding Officer of the Tribunal also directed Mallya not to receive temporarily the sum as per the agreement.

It stated that the sum would stand attached till further orders on the proceedings initiated by banks to recover the money borrowed by Kingfisher Airlines.

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