You are here: Home » Finance » News » Banks
Business Standard

IDBI Bank declares Vijay Mallya 'wilful defaulter' over payment default

IDBI Bank has informed and cautioned the public through the notice that "no person shall deal with any of the properties of the borrower/guarantor as huge dues are to be recovered from them".

IANS  |  New Delhi 

Vijay Mallya
In this file photo dated April 27, 2018, Vijay Mallya arrives for a hearing for his extradition case in London. UK Home Secretary Sajid Javid ordered the extradition of Vijay Mallya to India, on Monday, Feb 4, 2019.

has declared a wilful defaulter and issued a public notice on Wednesday with his old passport size photograph for default on payments worth Rs 1,566 crore in respect to

NPA Management Group in Mumbai issued a public notice about wilful defaulter with the now defunct as the borrower and as the director and guarantor.

The notice carries an old black and white photograph of with his address given as UB Tower, Bangalore.

Vijay Mallya is currently in London and the Indian government has initiated legal proceedings to seek his extradition.

The pooled security charged to the consortium of banks, including IDBI Bank, includes the first pari passu charge on current assets of Kingfisher Airlines, hypothecation of 2 helicopters, mortgage of Kingfisher House, Mumbai owned by Kingfisher Airlines, first charge on the fixed assets including ground support and equipment, computers, office equipment, furniture, fixtures of Kingfisher Airlines, residual charge on shares of United Spirits and McDowell Holdings pledged to SREI and J&K Bank, charge over brand including trademarks, personal guarantee of Vijay Mallya, corporate guarantee of United Breweries Holdings.

has informed and cautioned the public through the notice that "no person shall deal with any of the properties of the borrower/guarantor as huge dues are to be recovered from them".

IDBI Bank said these borrowers and guarantors failed and neglected to pay the instalments of principal, interest to IDBI Bank.

The borrower/guarantor are required to pay an outstanding sum of Rs 1566.61 crore as on October 1, 2018 together with interest till the date of payment.

 

First Published: Wed, November 06 2019. 16:18 IST
RECOMMENDED FOR YOU