A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
'Civil matters like loan recovery are being connected with criminal allegations, without any basis.'
A consortium of Indian public sector banks led by SBI sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Mallya's legal team, led by barrister Philip Marshall, argued for the bankruptcy petition to be dismissed because their client was being unfairly pursued by the banks in India and the UK on opposing grounds.
Mallya has to deliver or he won't be able to raise money for the airline.\n
The high court permitted Mallya to appeal on only one limited ground to be able to address the admissibility of some evidence and interpretations made by the lower court.
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.
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.
The recent spate of technical glitches in aircraft has prompted the Directorate General of Civil Aviation (DGCA) to issue an order on July 18, making aircraft maintenance engineers (AMEs) with category B1/B2 licences the final authorities in certifying planes. This has put the spotlight on the availability of such personnel. According to the order, airlines were resorting to frequent one-off authorisation by the Category A certifying staff at transit stations, which is not in line with existing regulatory provisions.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
Mallya offered to pay Rs 4,000 crore (Rs 40 billion) as settlement.
The Indian High Commission in London on Thursday welcomed the Westminster Magistrates' Court ruling in the extradition case of diamond merchant Nirav Modi, wanted in India to stand trial on charges of fraud and money laundering related to the Punjab National Bank (PNB) letters of undertaking (LoUs) scam case. A senior diplomat at India House said the judgment, which found a prima facie case against the accused, paves the way for the government of India and the high commission officials to liaise with the UK authorities on the next stages of the procedural matters for his early extradition to India. "The judgment paves the way for the government of India, including the High Commission of India in London, to liaise with the UK authorities on the procedural matters," said the diplomat at the High Commission. "As with previous extradition cases, we will press on with the next steps," he said.
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
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".
The consortium led by SBI has also initiated the process of recovery.
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
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.
Mallya has denied that he had fled India and said he would comply with laws.
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Banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene: Prabhu
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.
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Mallya said, the ED on the one side and the banks on the other are fighting over the same assets.
SpiceJet in a statement said that there is no default in payment to AAI since January this year.
The Supreme Court on Thursday gave a final opportunity to fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, to appear before it personally or through his lawyer in a contempt case where he has been found guilty. The top court said it has given multiple opportunities to Mallya to appear either personally or through a lawyer and had even given specific directions in its last order dated November 30, 2021. A bench of justices U U Lalit, S Ravindra Bhat and P S Narasimha posted the contempt case for further hearing after two weeks, saying that respondent contemnor (Mallya) is at liberty to act as per direction given in order dated November 30 last year, failing which the matter shall be taken to its "logical conclusion".
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.
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 transaction, which values Air Deccan at Rs 155 a share, would be through allotment of non-preferential shares to UB
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The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
The matter relates to cheques issued by Kingfisher to GMR Hyderabad International Airport.
UAE-based aviation support company Alna Aero Distributional Finance Holdings offered only Rs 1.09 crore.
Kingfisher and IndiGo started roughly around the same time, yet the former has total losses of Rs 6,000, while the latter is India's most profitable airline. How did this happen?
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.
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
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.
The office of former prime minister Manmohan Singh may have taken a special interest to try and keep afloat Vijay Mallya's ailing Kingfisher Airlines against the run of play, e-mails and letters claiming this and accessed by CNN-News18 indicate.
On a day when service tax department detained another Kingfisher plane for default, the second in two days, the airline announced it was in discussions with Abu Dhabi-based Etihad Airways for a stake sale which could revive the troubled airline's fortune.
ED had claimed that Mallya was summoned on four occasions for questioning in connection with a contract signed in December 1995 with London-based firm Benetton Formula Ltd for promotion of the Kingfisher brand abroad.
