Liquor baron Vijay Mallya, who is facing legal proceedings for default of loans worth over ₹9,000 crore from various banks, was today directed by the Supreme Court to disclose by April 21 the assets he and his family owned in India and abroad.
The apex court also sought an indication from him when he will appear before it. It asked Mallya, who owes over ₹9,000 crore to a consortium of 17 banks, to deposit a “substantial amount” with it to “prove his bona fide” that he was “serious” about meaningful negotiations and settlement.
The directions by the Bench, comprising Justices Kurian Joseph and RF Nariman, came after the bank consortium, led by State Bank of India, “unanimously rejected” a proposal by Mallya and his companies to pay ₹4,000 crore by September towards settlement of his loan.
The Bench agreed with the consortium that Mallya’s presence in the country was necessary to show that he was serious about settling his dues.
After a 20-minute hearing, the court posted the matter for further hearing on April 26. At the outset, the consortium of banks told the apex court that it was not averse to the settlement but Mallya has to show his bona fides by being present in the country.
“Vijay Mallya has to prove his bona fides by presenting himself for suitable negotiation and presenting a contingency plan that he is getting money from X and Y and then he will pay to the banks,” senior advocate Shyam Divan, appearing for the consortium of banks, said.