The sale of Daewoo assets in Surajpur to Crosslinks, a company floated by former Hyundai executive B V R Subbu and Spicejet promoter Ajay Singh, has hit a legal quagmire with a slew of new players staking a claim for the 205-acre land.
Banks are seeking an order that Mallya should appear in person before the court.
Deepak Narang, executive director of United Bank of India, speaks on Vijay Mallya's 'wilful defaulter' status.
The Debt Recovery Tribunal, Mumbai, has issued a fresh notice regarding the bankrupt Daewoo Motors India Ltd, placing
The Mumbai high court on Tuesday stayed till June 13 an order of a Debt Recovery Tribunal attaching immoveable properties of Maharashtra government and its two accounts maintained by Reserve Bank of India and State Bank of India.
Maharashtra blames IFCI for attachment orders
Mallya offered to pay Rs 4,000 crore (Rs 40 billion) as settlement.
The successful implementation of the new Act will depend on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision
A bench headed by Chief Justice T S Thakur also sought a response on the question as to whether the recovery tribunals are equipped to decide the loan recovery cases within a fixed time frame, stipulated under the law.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
Usha Ananthasubramanian said the bank will leave no stone unturned to recover unpaid loans.
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
Fitch Ratings had in December affirmed India's 'BBB-' rating with a stable outlook.
'Experience of administration may make a member of civil service a good administrator but not necessarily an able and impartial adjudicator,' observes the Supreme Court.
Kingfisher Airlines has defaulted on loans of over Rs 9,400 crore obtained from various banks.
Mallya's Kingfisher Airlines has been accused of defaulting bank loans of over Rs 9,400 crore.
The contempt petition in the Karnataka High Court has been filed only against liquor baron Vijay Mallya alleging breach of an oral undertaking given before the Debt Recovery Tribunal that they would not alienate unencumbered assets nor deal with them, Counsel for a consortium of banks clarified on Wednesday.
'Confidentiality needs to be maintained.'
The order brings an end to the nearly three-year legal battle in the Tribunal by the consortium, comprising 17 banks, to recover the money owed to them by the defunct airlines.
Only 40 per cent of the forensic information required was made available by PNB and as such, there is no way that one can put a cap on the total value of LoUs issued. He is the second Indian to be declared a fugitive economic offender, after liquor baron Vijay Mallya.
The Reserve Bank of India collects credit information from banks under the CRILC reporting system for borrowers with the credit exposure greater than Rs 5 crore.
The Supreme Court Monday said the Centre was testing its "patience" and "emasculating" tribunals by not appointing officials to the quasi-judicial bodies which are facing severe crunch of presiding officers as well as judicial and technical members and sought action on the matter by September 13.
Bad loans in public sector banks more than tripled.
As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
The origin of the challenge is the so-called "fresh start" process. Many in the MFI industry apprehend that such a law in India will encourage small unsecured borrowers to default and destroy the credit culture. So, while'Fresh start' is a welcome step as it will free up the debtors from the archaic laws of the colonial era, debtors need handholding and counselling to prevent any misuse, says Tamal Bandyopadhyay.
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