The Centre on Monday told the Supreme Court that it is taking all measures to extradite fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines from United Kingdom, but the process is being delayed due o some legal issues involved in the matter. A bench of Justices U U Lalit and Ashok Bhushan posted the matter for further hearing on March 15, after Solicitor General Tushar Mehta sought some time to file report on the status of extradition of Mallya. At the outset, Mehta shared a letter of the ministry of external affairs' official Devesh Uttam written to him on the status of extradition of Mallya from the United Kingdom.
The final list of bidders would be finalised only after the interested firms pay the earnest money deposit on June 30.
The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.
Supreme Court judge Justice Rohinton Fali Nariman on Monday recused himself from hearing liquor baron Vijay Mallya's petition against the confiscation of his properties by the Enforcement Directorate.
'I don't think government needs to arrest him'.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
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In January, banks had rejected SBI Caps' initial proposal on Air India's debt recast, which suggested converting a part of the carrier's debt into cumulative redeemable preference shares, with an eight per cent dividend.
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
Mallya said, the ED on the one side and the banks on the other are fighting over the same assets.
The association also wondered how the brand value of Kingfisher was considered as a collateral while sanctioning a loan, and alleged that even when RBI knew that this was a "deliberate default", no action was taken by the banks.
Nothing has ever been done to make bank officers accountable, except for the rare actions when there is a public controversy, argues Debashis Basu.
Wanted diamond merchant Nirav Modi, whose extradition to India was ordered in April by UK Home Secretary Priti Patel in the estimated USD 2-billion Punjab National Bank (PNB) scam case, has lost the first stage of his extradition appeal in the high court in London.
Mallya offered to pay Rs 4,000 crore (Rs 40 billion) as settlement.
Banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene: Prabhu
Vijay Mallya on Wednesday gave a proposal to the Supreme Court to repay around Rs 4,000 crore (Rs 40 billion) loan to banks by September this year.
In an SEC filing dating back to 1997, he figures as "J Vallabh".
Mallya has to deliver or he won't be able to raise money for the airline.\n
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
The consortium led by SBI has also initiated the process of recovery.
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It had declared Mallya a proclaimed offender for evading summons in a FERA violation case after noting that he had failed to appear despite repeated summonses.
Mallya has denied that he had fled India and said he would comply with laws.
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He claims that his offer to pay back the debt owed by his now-defunct airline had been rebuffed by the banks and the Indian government.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
SpiceJet in a statement said that there is no default in payment to AAI since January this year.
The Zee saga will see a long-drawn-out court battle before shareholders get any chance to vote on any proposal by the management or Invesco, says Prosenjit Datta.
Tata Sons has started the process of due diligence of state-owned Air India and its subsidiary Air India Express. Sources said the group has appointed Bain and Company and Seabury Group for this purpose. Once complete, a financial bid will be submitted and a deal to take over the airline is likely to fructify by end of this year or even earlier, people involved in the process said. Simultaneously, the group has brought in veterans in the aviation business from Delta and United Airlines to prepare a plan for post-merger integration of Air India with its existing airline ventures. Tata Sons operates Vistara - a 51:49 percent joint venture with Singapore Airlines and Air Asia India, in which Tatas hold 83.67 per cent stakes.
A spokesperson in the UK high commission said the issue is "confidential" and added: "We cannot estimate how long this issue will take to resolve." "Vijay Mallya last month lost his appeal against extradition, and was refused leave to appeal further to the UK Supreme Court. However, there is a further legal issue that needs resolving before Mr Mallya's extradition can be arranged," the spokesperson said.
Getting his bruised Kingfisher Airlines ready for that auspicious occasion is the least of his worries, as Mallya is scrambling to find an equity partner to keep his Kingfisher aloft.
The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
UAE-based aviation support company Alna Aero Distributional Finance Holdings offered only Rs 1.09 crore.
The matter relates to cheques issued by Kingfisher to GMR Hyderabad International Airport.
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