'Mallya has enough assets to sell for repaying loans'

Fugitive Vijay Mallya has enough assets to sell and replay loans he raised from banks to fund his now defunct Kingfisher Airlines, an official said on Tuesday.

"The value of Mallya's assets seized by the authorities concerned is estimated to be nearly Rs 13,960 crore, while he owes about Rs 9,500 crore to a consortium of banks," a law enforcing agency official told IANS here.

On a petition in February 2016 by the consortium of 17 banks for recovery of their dues from the airline, the Debt Recovery Tribunal recovered and transferred to the Enforcement Directorate (ED) assets valued at Rs 7,529 crore.

In a petition to the Karnataka High Court on June 22, Mallya offered to sell under judicial supervision his fixed assets and shares valued at Rs 8,423 crore to repay the outstanding dues to creditors, including banks.

"As most of fixed assets valued at Rs 1,700 crore and shares (pledged/unpledged) worth Rs 4,978 crore, totalling Rs 6,678 crore) have been seized and attached, the ED has to release them for sale," said the official, preferring anonymity.

The Tribunal has so far recovered Rs 198 crore in fixed deposits and balance amount in the bank accounts of the defaulters (Mallya and United Breweries Holdings Ltd) and Rs 73 crore from the sale of the sprawling Kingfisher Villa at Candolim in Goa in April 2017.

As stated by Mallya in a statement to the media earlier, he had deposited Rs 1,280 crore with the high court on its direction in 2013.

In addition, Mallya is ready to sell other assets worth Rs 2,650 crore.

Mallya's six other entities are also willing to sell shares worth Rs 2,888 crore, held in the group companies such as United Spirits Ltd, United Breweries Ltd and McDowell Holdings Limited.

--IANS

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