SC grants Vijay Mallya 3-week time on plea filed by SBI-led consortium of banks against liquor baron, next hearing on 2nd Feb

The Supreme Court on Wednesday granted Vijay Mallya 3 weeks time on the plea filed by SBI-led consortium of banks against liquor baron for recovery of more than Rs 9,000 crore from him.

The next hearing on the matter will be held on February 2. Vijay Mallya had sought 3 weeks time to file reply to SBI led consortium of banks who sought deposit of amount of 40 million dollars before SC.

The consortium of banks had approached the apex court seeking its intervention in bringing back Mallya to India and also repayment of money which the beleaguered businessman, who has absconded to England, had taken.

The banks, in their plea, told the apex court that there was an outstanding loan of almost Rs 9,000 crore against the businessman.

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The banks have argued that the business tycoon has not been candid with the court regarding his assets, citing the failure to disclose the severance package he received from Diageo Plc as part of his exit from United Spirits Ltd.

On April 26, the Supreme Court had directed Mallya to disclose his assets to the consortium. The banks also said the disclosures made by Mallya on his Indian and overseas properties were "vague".

The banks also refuted Mallya's allegation that all 17 banks did not reject the three proposals made by him for repayment of over Rs 9,000 odd crore in instalments.

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