The Supreme Court on Thursday told liquor baron Vijay Mallya to indicate the date of his return to the country in two weeks time and file an affidavit disclosing about assets, both movable and immovable, held by him, his wife and son in India and abroad. The order came after a consortium of banks rejected Mallya offers to pay up Rs4,000 crore to settle their claim of Rs9,000 crore loaned to Mallya’s now defunct company Kingfisher Airlines. Mallya is currently in london.
Appearing for the banks, senior advocate Shyam Divan said that on April 2, a decision was taken by the consortium of bank led by State Bank of India to reject Mallya’s offer. Mallya is understood to have made a fresh offer on Wednesday, but that too failed to convince the banks about Mallya’s intention to repay the entire amount. However, the banks were open to a negotiated settlement of dues, Divan said.
“Given the huge amount involved, is it not proper for the defendant (Mallya) to make full and fair disclosure of all his movable, immovable, tangible, intangible assetsIJ Only then there can be a confidence in the process of settlement and the presence of respondent 3 (Mallya) will accelerate the process of negotiation. Senior officers from the bank will be present. It will result in an effective dialogue,” Divan said.
The Bench of Justices Kurian Joseph and RF Nariman accepted the bank’s plea and gave Mallya time till April 21 to file response. “The response shall disclose details of all properties, movable and immovable, including any rights held in public or private trust or partnership in India and abroad in any form and also such right held in the name of his (Mallya’s) wife and children as on March 31, 2016,” the court said.
The court asked Mallya’s lawyer senior advocate CS Vaidyanathan on when Mallya will return to the country. “What about your (Mallya) presence. Shall we say you undertake to be present in court,” the court said.
Finally, in its order, the Bench said, “On next date, a specific instruction can be obtained on respondent’s (Mallya) probable date of appearance in person before this court.”
Mallya was further asked to make a renewed offer by the next date of hearing on April 26. “The response to be filed will also indicate as to what is the amount he (Mallya) is prepared to deposit so as to move towards a meaningful negotiation.”
Mallya’s repayment offer promised a sum of Rs4,000 crore by September and another Rs2,000 crore subject to winning of a suit pending in a trial court. The banks wrote to Mallya that the offer cannot have any contingencies and must be based on a full and fair disclosure of all assets of Mallya.