Vijay Mallya asked to disclose all his assets

Vijay Mallya is asked to do more than what he is currently doing by the lenders in order to solve the bad loans menace. Vijay Mallya seems to be buying time from the SC and the lenders while strategizing his moves sitting in London. Lender Banks have also requested his presence in India in order to ascertain his methods of resolving the issue on hand. In latest developments in continuing saga involving Kingfisher airlines and consortiukm of banks, SC has told Vijay Mallya to make full disclosure of all assets.

SC has asked for full disclosure of assets when the SBI lead consortium has rejected Vijay Mallya’s offer of Rs. 4000 crore and additional Rs. 2000 crore if he wins the case against Airbus. Lenders have communicated the settlement amount does not even cover 100 percent of the principal amount.Kingfisher Airlines stoped flying in the 2012 and owes in total Rs. 9000 crores to the banks. Lender banks have been pushing for Vijay Mallya’s presence in India for a negotiated settlement.Vijay Mallya also faces accusations of money laudering and has been summoned by ED (Enforecement Directorate). Accused is expected to appear before ED on 9th of April.

The lawyer representing the lender banks stated that Vijay Mallya needs to deposit a significant amount of money with the court along with declaring the total assets in his possessions and prove his bonafide intentions in repaying the debts.