SBI declares Mallya as wilful defaulter

Highlights

After a protracted legal battle, State Bank of India (SBI) has declared industrialist Vijay Mallya a \'wilful defaulter\' for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines.

Mumbai: After a protracted legal battle, State Bank of India (SBI) has declared industrialist Vijay Mallya a 'wilful defaulter' for defaults on nearly Rs 7,000 crore loans to the long-grounded Kingfisher Airlines. "SBI has declared Mallya, Kingfisher Airlines and its holding company United Breweries Holdings as wilful defaulters," sources said.

The sources said after the Bombay High Court in August this year allowed Mallya to be represented by his legal counsels, SBI moved the Supreme Court challenging the HC order, saying that HC order violated the RBI rules on grievance redressal committee that allow only the borrower to be present his case in person.

However, the Supreme Court upheld the High Court verdict and asked SBI to consider this only as "a one-off instance" and allow Mallya's lawyers to represent him at the grievance reddressal committee meeting which was held recently.

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