Personally I am not a borrower or a judgement defaulter: Vijay Mallya

Countering allegations, liquor baron Vijay Mallya came out with a statement on Sunday saying that personally he is not a borrower or a judgement defaulter.

Last Updated: Mar 07, 2016, 00:08 AM IST
Personally I am not a borrower or a judgement defaulter: Vijay Mallya

Zee Media Bureau

Bengaluru: Countering allegations, liquor baron Vijay Mallya came out with a statement on Sunday saying that personally he is not a borrower or a judgement defaulter.

Adding further Mallya said that he is trying all efforts to reach reach a one-time settlement with banks while payments from Diageo Plc agreed last month are to himself towards his personal, non-compete obligations.

“The payments from Diageo Plc to myself are towards my personal non-compete obligations globally, except in the UK. In effect, I have given up my interests in the spirits business globally at considerable cost,” Mallya said.

In the statement he said,“Legal proceedings apart, I have been making efforts to reach a one-time settlement with the banks, and to that end I have had three meetings and follow up calls in the recent past and my efforts will continue—this settlement would be based on additional payments to the banks.”

DRT will pass orders tomorrow

The Debt Recovery Tribunal (DRT) will tomorrow pass orders on the state-owned SBI's application seeking the lenders' first right on the USD 75-million payout from Diageo to UB Group promoter Vijay Mallya under a recent sweetheart deal.

DRT had reserved its order after hearing the submissions made by both parties - bankers and Mallya - on March 4.

 

George Joseph, a counsel for bankers, said orders will be passed tomorrow.

SBI had filed three other applications, including one seeking Mallya's arrest and impounding of his passport, as the bank approached DRT seeking action against him for defaulting on loans.

DRT had taken up, on a priority basis, the application for securing the first right on the USD 75 million severance package.

The tribunal had said it would hear the other three applications at a later date.

SBI, which leads the consortium of 17 banks that lent money to the grounded Kingfisher Airlines, had moved DRT here against the airline's chairman Mallya in its bid to recover over Rs 7,000 crore of dues from him.

With PTI inputs