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.
That's the government's goal for the Unified Payment Interface by March. Are they close? A P Hota, the man at the helm, answers.
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya's now-defunct Kingfisher Airlines after the high court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman's assets in India. Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs handed down his judgment in favour of the banks to declare there is no public policy that prevents a waiver of security rights, as argued by Mallya's lawyers. At a virtual hearing, July 26 was set as the date for final arguments for and against granting a bankruptcy order against the 65-year-old Mallya after the banks accused him of trying to "kick matters into the long grass" and called on the "bankruptcy petition to be brought to its inevitable end".
Agency sources said that besides Mallya, his companies Kingfisher Airlines and United Breweries Holdings Limited have been named as accused in the FIR.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
In a ruling in May, a UK high court judge had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
The consortium led by SBI has also initiated the process of recovery.
The court ruled that an interim debt order in favour of SBI and other banks seeking access to funds in the Mallya's ICICI UK bank account "should remain in force" but the application to make it final should be adjourned until after the hearing of his pending bankruptcy petition.
Judge Andrew Henshaw refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
Vijay Mallya left India on March 2, presumably for London.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
There's a long way to go before human beings are replaced by machines -- in banks at least.
SBI leads a 17-member consortium of lenders that is trying to recover dues running into over Rs 7,500 crore (Rs 75 billion) in principal alone from Kingfisher Airlines.
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
The high court remained unconvinced by Mallya's claim that he has been a non-resident Indian since 1988 and has lived in England since 1992, a country where he has indefinite leave to remain
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Banks are seeking an order that Mallya should appear in person before the court.
YES Bank raises base rate; HDFC Bank, Axis hike deposit rates.
Sensex may remain under pressure this week due to weak global factors.
Weak monsoon forecast rekindled fears of higher inflation.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
The Mumbai Police on Wednesday arrested Ashok Advani, publisher of Business India and former director of the Mumbai-based Jai Hind Cooperative Bank, on charges of embezzling Rs 27 crore from a savings account held by a trust.
'Rawalpindi must downsize its quest for 'strategic depth' in Afghanistan and Kashmir,' suggests Matein Khalid.
.jpg)
In an hour-long chat on rediff.com on Friday, A K Prabhakar, senior VP and Head -- Equity Research (Retail), Anand Rathi Financial Services Ltd, discussed the best stocks to put the investors' money in.
'India should pledge that it will only target those provinces of Pakistan where nuclear weapons are located,' says Colonel Anil A Athale (retd).
Today, hour-long, high-pitched 'debates' at prime time, replete with inflammatory visuals and captions, using half-truths, insinuations and lies, pour venom against Muslims and seek to divide Hindus and Muslims, notes Jyoti Punwani.
'Though not religious in everyday life, his Hindu-Indian identity was an irrevocable influence on his writings,' observes Vivek Gumaste.
How much do you know about Shah Jahan, Mumtaz Mahal and the Taj Mahal?
Rajneesh Gupta gives us a list of noteworthy statistics from first-class and Ranji Trophy
A look at few gurus who have attracted controversy in recent times.
The controversy over Sant Rampal and his army of followers taking the law into their hands has once again thrown the spotlight on the clout that India's godmen possess.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances