Vijay Mallya moves Supreme Court seeking stay on confiscation of his properties by ED in loan default case

A consortium of banks led by the State Bank of India (SBI) had in 2016 filed a petition in the Supreme Court against Vijay Mallya for his failure to repay the loan amount of more than Rs 8000 crore.

Asian News International July 28, 2019 11:42:33 IST
Vijay Mallya moves Supreme Court seeking stay on confiscation of his properties by ED in loan default case
  • Fugitive businessman Vijay Mallya on Saturday moved the Supreme Court seeking a stay on the confiscation of properties owned by him and his relatives

  • In his plea Mallya has said that he wanted attachment of only those properties related to Kingfisher Airlines facing cases of alleged irregularities

  • A consortium of banks led by the State Bank of India had in 2016 filed a petition in the Supreme Court against Mallya for his failure to repay the loan amount of more than Rs 8000 crore

New Delhi: Fugitive businessman Vijay Mallya on Saturday moved the Supreme Court seeking a stay on the confiscation of properties owned by him and his relatives.

Vijay Mallya moves Supreme Court seeking stay on confiscation of his properties by ED in loan default case

File photo of Vijay Mallya. PTI

In his plea Mallya has said that he wanted attachment of only those properties related to Kingfisher Airlines facing cases of alleged irregularities. The matter is listed for hearing on July 29 before the apex court.

A consortium of banks led by the State Bank of India (SBI) had in 2016 filed a petition in the Supreme Court against Mallya for his failure to repay the loan amount of more than Rs 8000 crore to various banks. Mallya had allegedly failed to pay dues to more than 15 banks.

The liquor tycoon had taken loans in order to pay dues of the now-defunct Kingfisher Airlines, which was owned by him. Mallya had fled India in March 2016 and has been living in the United Kingdom since then.

The consortium of banks had urged the court to direct Mallya to return to India and repay the loan. On 11 July, the Bombay High Court had dismissed Mallya's plea seeking stay on the procedure for the confiscation of his properties by government agencies.

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