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.
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
The Debt Recovery Tribunal, Mumbai, has issued a fresh notice regarding the bankrupt Daewoo Motors India Ltd, placing
The agency is looking at alleged "diversion of funds and financial reporting frauds".
The apex court also put forth questions why loans were given to Mallya when he was a defaulter.
A debt recovery tribunal in India ruled that Rs 6,200 crore of Vijay Mallya's dues -- Rs 5,000 crore as principal and Rs 1,200 crore as interest -- was payable. Mallya claims that out of the sum due, Rs 3,000 crore had already been recovered by the claimants.
The employees have alleged that Mallya, who has been giving them false promises, has been able go away scot free by eliciting "political favours".
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
Pai said he was also against 'naming and shaming' willful defaulters of bank loans.
Deepak Narang, executive director of United Bank of India, speaks on Vijay Mallya's 'wilful defaulter' status.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
The code will apply to companies, partnerships, limited liability partnerships, individuals and any other body specified by the government
Banks are seeking an order that Mallya should appear in person before the court.
State Bank of India has appointed valuer to assess the value of assets of Mallya.
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
Banks have written off bad loans worth Rs 10,09,511 crore during the last five financial years, finance minister Nirmala Sitharaman informed Parliament on Tuesday. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off, she said in a reply to Rajya Sabha. "Banks write off NPAs as part of their regular exercise to clean up their balance sheet, avail tax benefit and optimise capital, in accordance with RBI guidelines and policy approved by their boards.
Prompt measures and legal actions taken by the Indian government and PNB helped in securing the extradition of diamantaire Nirav Modi by the UK on Friday, a senior official said. UK Home Secretary Priti Patel on Friday signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2-billion Punjab National Bank (PNB) scam case. According to the government official, a scam of this magnitude had potential to create instability in the financial sector but the deft handling saved the entire public sector banking space from the crisis and litigation.
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.
About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
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.
Usha Ananthasubramanian said the bank will leave no stone unturned to recover unpaid loans.
Fitch Ratings had in December affirmed India's 'BBB-' rating with a stable outlook.
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.
'Confidentiality needs to be maintained.'
Hudco had in 2006 given a loan of Rs 62.38 crore to Bakshi's private venture, Ascot Hotels and Resorts, for a commercial project in Noida. The loan, however, turned NPA in 2011.
Bad loans in public sector banks more than tripled.
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.
'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.'
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances