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India’s biggest banks, who are pressurising on return of <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA">Vijay Mallya</a> to India, say they cannot be blamed for inaction towards Mallya in the debt case. 
 
In 2010, the <a href="http://www.businessinsider.in/searchresult.cms?query=RBI">RBI</a> (<keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>) had taken a decision to widen the corporate debt restructuring scheme. 
 
As per experts, this was done to resurrect the ailing <a href="http://www.businessinsider.in/searchresult.cms?query=aviation">Indian aviation industry</a>, which also sent out a message to extend more loans to shore up Mallya's ailing <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines">Kingfisher Airlines</a>. 
 
As per a report by Economic Times, banks restructured loans after RBI’s nod and an independent agency’s assessment. 
 "Banks restructured loans based on two factors - RBI permitted to do so and second, based on an assessment from an independent agency, <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> Caps, which endorsed that restructuring of <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> loans would revive the company," Pradeep Ramnath, former chairman of Corporation Bank, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/You-have-blood-on-your-hands-employees-of-Kingfisher-Airlines-write-to-Mallya-as-he-owes-Rs-300-crore-in-salary/articleshow/51340295.cms">‘You have blood on your hands’, employees of Kingfisher Airlines write to Mallya as he owes Rs 300 crore in salary</a> 
 
On the contrary, many experts feel the RBI cannot be put under spotlight as the central bank was trying to revive the Indian aviation industry from the slump. 
 
"RBI can't be faulted because loan restructuring was one of the steps taken over a span of couple of years to revive the airline sector," an analyst with a domestic brokerage told ET. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=enforcement+directorate">Enforcement Directorate</a> has summoned <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> and he has a week’s time to appear before the agency.

This one step by RBI led Vijay Mallya to lend huge amount

Banks have rejected debt-ridden <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s offer and now the Supreme Court has directed him to make a full disclosure of all assets. 
 
Not only this, the apex court has also sought reply on when Mallya would appear personally in the court after 17 lenders moved the court for the same. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-Rs-4000-crore-offer-doesnt-impress-banks-dont-want-any-terms-or-conditions/articleshow/51680083.cms">Vijay Mallya's Rs 4,000-crore offer doesn't impress banks; don’t want any terms or conditions</a> 
 
"There's no liquid money. Everything is tied up in contingencies. We will need court orders to pay," one of Mallya’s lawyers CS Vaidyanathan said. 
 
The next hearing of the case is on April 26. 
 
READ ALSO: <a href="http://www.businessinsider.in/To-recover-dues-Kingfisher-Airlines-logo-will-also-go-under-hammer/articleshow/51612220.cms">To recover dues, Kingfisher Airlines’ logo will also go under hammer</a> 
 
Meanwhile, the Enforcement Directorate had also asked Mallya to be present on April 9 regarding a Rs 900-crore loan from IDBI Bank. 
 The banks are seeking more than Rs 9,000 crore in dues from loans given to <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>, which is grounded since 2012. Mallya had left India last month for the UK.

Vijay Mallya to disclose assets, fly back to India as banks reject settlement offer

In a bid to recover more than Rs 9,000 crore, the lenders have now put <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines&amp;sortorder=effectivedate">Kingfisher Airlines’ logo</a> on sale with a base price of Rs 366.7 crore. 
 
The lenders have scaled up their efforts to recover the corpus amount from <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya.</a> The bids for the logo have to be submitted by April 30 and SBI Cap Trustee Co is in-charge of the auction process. 
 
“This is part of the 'sale of trademarks including the brand value of 'Kingfisher logo,” it stated. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">Vijay Mallya debt fiasco comes to some good use for Indian business schools</a> 
 
Also, brands and trademarks relating to the label mark of Kingfisher, Fly Kingfisher, the logo of the Flying Bird Device and the word mark 'Fly the Good Times' associated with KFA have been pledged with banks and will be for e-auction on April 30. 
 
However, there is a small catch as it is unclear how <a href="http://www.businessinsider.in/searchresult.cms?query=Heineken&amp;sortorder=effectivedate">Heineken</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=UNITED+BREWERIES&amp;sortorder=effectivedate">United Breweries</a> would take up the logo auction issue. As per reports, the trademarks and other promotional material surrounding the brand 'Fly the Good Times' belong to KFA and it is not clear how another beer company could use it. 
 
"There may not be any legal challenge in selling the brand, but there could be commercial challenges in terms of who would want to buy the brand," Prem Rajani, managing partner at Rajani Associates, a law firm, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
Till now, banks have attempted to <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">sell Kingfisher House in Mumbai</a> but did not receive any bids since the base price of Rs 150 crore, too high for many. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
(Image: Indiatimes)

To recover dues, Kingfisher Airlines’ logo will also go under hammer

UB Group chairman and liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has resigned from the board of directors of Mangalore Chemicals and Fertilisers (<keyword id="180811" type="COMPANY" weightage="100" keywordseo="MCF">MCF</keyword>). Neither Mallya nor MCF gave any reason for this move. 
 
“Mallya, a director on the board of directors of the company, has resigned with immediate effect,” MCF said in a filing to the Bombay Stock Exchange (BSE). 
 As per media reports, Mallya was under pressure to resign, owing to the ‘wilful defaulter’ tag levelled against him by <keyword id="113653" type="COMPANY" weightage="60" keywordseo="United-Bank-of-India">United Bank of India</keyword> (UBI). The bank had declared him as ‘wilful defaulter’ in September in a matter related to a debt of Rs 6500 crore. However, the Calcutta High Court had later stayed the bank’s decision. 
 
Now, the latest buzz is that Saroj Poddar of Adventz Group may join the board of MCF. 
 
Following the news of his resignation, MCF’s shares increased by 15% during morning trade today.

Vijay Mallya Resigns From The Board Of Mangalore Chemical Fertilisers

Troubles have only mounted for <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">debt-laden Vijay Mallya</a>. From auctioning off his house, <a href="http://www.businessinsider.in/UB-says-Kingfisher-Airlines-logo-only-for-aviation-warns-of-legal-challenges/articleshow/51643679.cms">logo of Kingfisher Airline</a> to <a href="http://www.businessinsider.in/Government-suspends-VijayMallyas-Passport-may-revoke-it/articleshow/51843530.cms">revoking his diplomatic passport</a>, Mallya’s downfall has been like a pack of cards, and the signs had begun to show in 2009 when his airlines for grounded. 
 
The latest on this is that Mallya, who is a Rajya Sabha member, is likely to be expelled from the parliament too. But, his expulsion will not be the first one as 14 MPs have already been expelled from the House before. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallya-makes-another-attempt-this-time-he-is-offering-Rs-6000-crore-settlement/articleshow/51822342.cms">Vijay Mallya makes another attempt, this time he is offering Rs 6,000-crore settlement</a> 
 
The list of MPs expelled from the parliament includes former <a href="http://www.businessinsider.in/searchresult.cms?query=indira+gandhi&amp;sortorder=effectivedate">Prime Minister Indira Gandhi</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=subramanian+swamy&amp;sortorder=effectivedate">Subramanian Swamy</a> and HG Mudgal. Mallya will be the 15th one on the list. 
 
HG Mudgal, who was a Lok Sabha member in 1951, was the first one to be expelled from the Lok Sabha over accepting money for favours in Parliament. 
 
Here is the complete list of MPs who were expelled from the parliament and why

These are the 14 MPs that have ever been expelled from the Parliament. Know why

<a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay Mallya</a> is reportedly in advanced talks with <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> to exit <a href="http://www.businessinsider.in/searchresult.cms?query=United+Spirits">United Spirits</a> completely. Mr. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> is set to sell his entire stake (around 5%) in USL to <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> at the current market value. Post that, he will step down from the board of his company. 
 
This might end Mr. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>’s scuffle with <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> on grounds of alleged fund diversion. He has also promised to settle his dues in <a href="http://www.businessinsider.in/searchresult.cms?query=Kingfisher+Airlines">Kingfisher Airlines</a> by the end of this fiscal. This deal would give him enough cash to settle a large chunk of the Rs. 6200 Crore debt. 
 
When contacted <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay </a><a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>'s spokesperson said, "We have no immediate plans to sell our stake in <a href="http://www.businessinsider.in/searchresult.cms?query=United+Spirits">USL</a> as we believe it is an excellent portfolio to retain." <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a>'s official statement is, "Do not comment on market speculations." 
 
Image credit: Indiatimes

Vijay Mallya no more the ‘King of Good Times’, to exit
United Spirits

<ul class="summary-list"><li>A $20-million sky mansion sits on top of a 33-story luxury apartment complex in India.</li><li>The spectacular home was designed for businessman Vijay Mallya.</li></ul>Tycoons and business moguls are known for their extravagant and often eccentric housing choices. But one controversial business tycoon has taken luxury mansions to new heights — 400 feet, to be precise.Sitting on top of a 33-story luxury apartment complex in Bengaluru, India, this sky mansion is over 40,000 square feet with two floors, a helipad, lush gardens, an infinity swimming pool, and a 360-degree viewing deck.<div type="image" title="Mallya's mansion" height="413" width="647" msid="108732954" hostid="261"></div>Irfan Razac, the chairman of Prestige Estates Projects, which is part of a joint development agreement to construct the tower, <a target="_blank" href="https://www.livemint.com/Companies/65IM1NYBFFgqWAF2osxIUO/Vijay-Mallyas-20-million-sky-mansion-is-almost-ready-B.html">previously said of the project</a>: "It was a challenge to construct the mansion on a huge cantilever at that height, but we have ensured we build it exactly the way it was conceived."Prestige Constructions did not respond to a request for comment from Business Insider.The house has an estimated value of $20 million.Another spectacular home owned by India's superrich is <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/ambani-house-photos-altamount-road-mumbai-spa-parking-amenities-art-2024-3">the Ambani family's Mumbai tower, Antilia.</a> It cost an estimated $1 billion to build. It includes nine elevators, a 50-seat cinema, a full-service spa, a 168-car garage, and three helipads.The Ambani residence is 27 stories high, although its many double-height ceilings mean it's closer in height to a traditional 40-story building.<div type="image" title="The Antilia tower stands tall above the Mumbai skyline" height="853" width="1280" msid="108732955" hostid="261"></div>The sky mansion in Bengaluru, though, was designed for Indian businessman Vijay Mallya and is entirely separate from the apartments below.The apartment block, known as Kingfisher Towers, was built on a 4.5-acre plot of land that once housed Mallya's ancestral home.<h2>Vijay Mallya might never get to live in the mansion</h2>There's a real possibility that Mallya won't ever get to live in the sky mansion.Mallya was known as the "<a target="_blank" class="editor-rtfLink" href="https://www.ft.com/content/e14a6d5c-4c94-47fc-9635-a089841357f3">king of good times"</a> for his opulent lifestyle, according to The Financial Times, but in March 2016, he fled India after defaulting on debts of more than $1 billion and faced fraud charges. He sought refuge in the UK.When Mallya left, according to reports in the Indian media, his <a target="_blank" class="editor-rtfLink" href="https://www.gqindia.com/content/vijay-mallyas-soon-to-be-ready-penthouse-is-the-flashiest-house-in-bangalore">mansion in the sky </a>was still incomplete in 2017.<div type="image" title="Indian businessman Vijay Mallya arrives at the Royal Courts of Justice in London, Britain February 11, 2020. REUTERS/Simon Dawson" height="3850" width="5786" msid="108732956" hostid="261"></div>India has made numerous attempts to extradite the billionaire who made his fortune in the alcoholic beverages business under the popular Kingfisher brand. <a target="_blank" href="https://www.thedrinksbusiness.com/2023/12/row-in-india-over-brewery-giants-night-time-production/">According to recent statistics,</a> in India, the Kingfisher Strong beer brand had a market share of 36 percent and has extended its presence to 69 countries, including Japan, Canada, New Zealand, and Norway.Later in his career, Mallya tried his hand at the aviation industry and Formula 1 racing.In August of last year, when asked about the possible extradition of Mallya back to India, <a target="_blank" href="https://timesofindia.indiatimes.com/india/edcbinia-team-expedite-extradition-of-fugitives-in-the-uk/articleshow/106879099.cms">Tom Tugendhat, British Minister of State Security, told Press Trust of India that,</a> "We both have legal processes that must be gone through. But the UK government is absolutely clear, we have no intention of becoming a place where those who are seeking to evade justice can hide."<a target="_blank" class="editor-rtfLink" href="https://timesofindia.indiatimes.com/india/edcbinia-team-expedite-extradition-of-fugitives-in-the-uk/articleshow/106879099.cms">In January, The Times of India reported </a>that a delegation composed of representatives from India's Central Bureau of Investigation, Enforcement Directorate, and National Investigation Agency was set to visit the UK to expedite the extradition of some of India's most wanted fugitives who had taken refuge in the UK.On the list were defense dealer Sanjay Bhandari, diamond trader Nirav Modi, and Vijay Mallya.

A $20m mansion home was built on top of a 400ft skyscraper. The tycoon owner may never get to live in it.

A consortium of 17 banks, led by State Bank of India, has slapped a contempt case against liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, his grounded airline <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> and United Breweries Holdings Limited (<keyword id="6656246" type="COMPANY" weightage="100" keywordseo="UBHL">UBHL</keyword>). In the petition that they have filed in the Karnataka High Court, they have alleged violation of an oral undertaking that he had given to the Debt Recovery Tribunal (DRT). 
 
“We have filed a contempt application in the High Court against Kingfisher Airlines, United Breweries Holdings Limited (UBHL) and Dr Vijay Mallya for violating an undertaking given before DRT…,” PTI quoted N Chintan Chinappa, counsel for consortium of banks as saying. 
 
Chinappa argued in the court that “an undertaking was given before the DRT that neither would the unencumbered assets be alienated nor dealt with, but Mallya went ahead and created pledges in violation.” The High Court then issued a contempt notice against Mallya. 
 
In total, all the banks had lent more than Rs 7,000 crore to Kingfisher Airlines, which has been grounded for long.

More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

The Enforcement Directorate (ED) has sought revocation of debt-ridden <keyword id="14678" type="PERSON" weightage="40" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s diplomatic passport over non-cooperation in a <keyword id="6355008" type="UNKNOWN" weightage="40" keywordseo="money-laundering">money laundering</keyword> probe. 
 The ED had asked Mallya to appear before the law enforcement agency by April 9 in Rs 900 crore <keyword id="6357560" type="CITY" weightage="40" keywordseo="IDBI-Bank">IDBI bank</keyword> loan fraud case. 
 
It has written to the Ministry of External Affairs to take action under the Passport Act, 1967 and ask the Regional Passport Office (RPO) here to revoke the diplomatic passport of the beleaguered businessman as he has turned out to be "un-cooperative" with its investigators probing a criminal case under the Prevention of Money Laundering Act (PMLA) at its zonal office in Mumbai. 
 
Apparently, Mallya left India on March 2 on a diplomatic passport issued to him by virtue of him being a sitting Rajya Sabha Member of Parliament. 
 
Under the Passport Act, when a person is issued a diplomatic passport, their regular international travel document gets deposited and when a revocation is sought for the former is sought, the latter too gets cancelled. 
 
They said once the ED request is okayed, the MEA will inform UK authorities about the same and seek for his deportation to India. 
 
Mallya had thrice failed to appear before the ED IO in Mumbai in connection with the Rs 900 crore IDBI loan fraud case which the central probe agency is investigating under PMLA. 
 
Once Mallya's Passport is revoked, ED still is left with the option to approach a competent court and get issued a non-bailable warrant against him and also ask the Interpol to issue a Red Corner Notice (RCN) against him and apprehend him anywhere across the globe. 
 
Mallya, who is facing legal proceedings for alleged default of loans worth over Rs 9,000 crore from various banks, was also directed by the Supreme Court to disclose all assets owned by him and his family in India and abroad by April 21. 
 
(Image: Indiatimes)

ED says Vijay Mallya is un-cooperative, seeks revocation of his diplomatic passport

<ul><li>The <keyword id="6456540" type="UNKNOWN" weightage="20" keywordseo="Fugitive-Economic-Offenders-Ordinance">Fugitive Economic Offenders Ordinance</keyword> applies to individuals who have defaulted on payments over ₹1 billion. </li><li>The <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED) plans to seize around ₹124 billion of his assets under the law. </li><li>Mallya owes a group of 17 banks — most of which are state-owned — nearly ₹100 billion. </li></ul> Liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> will soon become the <a href="https://indianexpress.com/article/india/enforcement-directorate-to-move-court-against-vijay-mallya-in-first-case-under-new-fugitives-law-5221809/">first person to be tried</a> under India’s recently implemented Fugitive Economic Offenders Ordinance. The Enforcement Directorate (ED), the agency responsible for economic crimes in the country, plans to seize around ₹124 billion of his assets under the law, which was approved in April 2018. It will file a case in a special court for the same. Mallya, who is currently contesting extradition proceedings from the UK, owes a group of 17 banks - most of which are state-owned - nearly ₹100 billion. He and two of his companies, the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> and United Breweries, were declared ‘wilful defaulters’ in November 2015 by the State Bank of India and were accused of misappropriation of funds and of defaulting on payments to creditors. Mallya left India and moved to the UK in early 2016 after the banks filed a case against him with the Debt Recovery Tribunal. The Fugitive Economic Offenders Ordinance applies to individuals who have defaulted on payments over ₹1 billion. The ordinance defines a ‘fugitive economic offender’ as a person against whom an arrest warrant has been issued for a money-related crime, and has left the country so as to avoid a criminal trial or refuses to return to face the music. Once the ED files the case against Mallya in court, he has six weeks to present himself at a trial in a pre-specified location, where he will be tried under the Prevention of Money Laundering Act. If he does not show up, he will be declared a “fugitive economic offender”, which in turn will allow the ED to seize his domestic and international assets, even without being convicted in a trial, in order to pay back his creditors. These assets include Mallya’s shares in United Breweries as well as real estate properties in Alibaug and Bengaluru. If the case leads to successful resolution of Mallya’s unpaid dues, it will establish an important precedent in India’s legal landscape. The next case filed under the Fugitive Economic Offenders Ordinance could very well be against a famous diamond merchant.

Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance

Ex-chairman of United Spirits Ltd, <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, has been in news for all the wrong reasons recently. Firstly, it was him fleeing out of the country, and then deciding not to come back even for ED hearings. However, <keyword id="612463" type="UNKNOWN" weightage="100" keywordseo="indian-business-schools">Indian business schools</keyword> have found something worthwhile in his whole debt fiasco, using his success-to-failure story as rich material for discussions of ethics, corporate governance, brand management, entrepreneurship and families. 
 "The Vijay Mallya case could most certainly be the subject of a case study," Debashis Chatterjee, professor at <keyword id="56716" type="COMPANY" weightage="100" keywordseo="IIM-Lucknow">IIM Lucknow</keyword>, told ET. "It should be a subject of discussion in classes on strategy across business schools and the IIMs are no exception. It's about the downfall of a high-profile brand and there's an ethical connotation as well." 
 Not only at IIM-L, IIMs from Bangalore and Indore, <keyword id="565228" type="ORGANIZATION" weightage="100" keywordseo="XLRI-Jamshedpur">XLRI Jamshedpur</keyword>, Indian School of Business (ISB) Hyderabad and Management Development Institute (MDI), Gurgaon are also using Vijay Mallya’s story to explain to its students, the future managers of the industry, the aspects of business and lessons that they should learn. 
 
"This is a live case study for us and we have to build our arguments based on limited resources. A similar 'live' case study discussed earlier was during Satyam," said Kavil Ramachandran, executive director, Thomas Schmidheiny Centre for Family Enterprise, ISB. 
 
Mallya’s strategy of pampering customers at the cost of other stakeholders, including owners, employees, suppliers and society proved to be hard on his business and honour, an example which can teach a lot about organisational behaviour and human resources management to these students. "It also leads to discussion on the obsession in many companies to meet the interests of 'owners' at the cost of other stakeholders," said Abhoy Ojha of ISB. 
 
<a href="http://indiainf1.com/wp-content/uploads/2014/03/Vijay-Mallya-file-2013-SFI-pic-7mar2014.jpg">Image source</a>

Vijay Mallya debt fiasco comes to some good use for Indian business schools

As per an internal report of India’s biggest lender, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), there is little hope left of recovering anything substantial from the <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>. The report says that SBI should expect a hit of about Rs 900 crore because of the bad debts in the grounded airlines.SBI leads a consortium of 14 banks that the Vijay Mallya-promoted airline owes money to and the loans are worth more than Rs 5,000 crore, excluding accrued interest, out of which SBI has a fund-based exposure of over Rs 1,200 crore. "It is the policy of the bank not to comment upon individual accounts and its treatment" an SBI spokesperson told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-now-expects-to-recover-only-part-of-kingfisher-dues-to-take-hit-of-rs-900-crore/articleshow/59008488.cms">ET</a>. As of now, <keyword id="6373968" type="PERSON" weightage="100" keywordseo="Mallya">Mallya</keyword> is in the UK and the Indian government has been fighting tooth and nail to extradite him, so that he can be put under trial for cases related to the airline's loan defaults. Mallya, however, has denied any wrongdoing.Banks now expect to recover about Rs 1,100 crore through the sale of pledged assets that are valued at Rs 1,565 crore, including Mallya's <keyword id="6360137" type="CITY" weightage="100" keywordseo="kingfisher">Kingfisher</keyword> villa in Goa. The villa was sold for Rs 73 crore in April as against the pegged market value of Rs 85 crore. "There are no takers for the Kingfisher Airlines brands which are valued (at) Rs 7-315 crore." a senior bank executive said. "Forget about brands, we have so far have struggled to sell even the real estate assets, such as <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, Mumbai."

You Searched For "vijay mallya under debt" and got 12 results

This one step by RBI led Vijay Mallya to lend huge amount

BI India Bureau

Vijay Mallya to disclose assets, fly back to India as banks reject settlement offer

BI India Bureau

To recover dues, Kingfisher Airlines’ logo will also go under hammer

BI India Bureau

Vijay Mallya Resigns From The Board Of Mangalore Chemical Fertilisers

BI India Bureau

These are the 14 MPs that have ever been expelled from the Parliament. Know why

Akanksha Jain

Vijay Mallya no more the ‘King of Good Times’, to exit United Spirits

BI India Bureau

A $20m mansion home was built on top of a 400ft skyscraper. The tycoon owner may never get to live in it.

Cameron Manley

More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

BI India Bureau

ED says Vijay Mallya is un-cooperative, seeks revocation of his diplomatic passport

BI India Bureau

Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance

BI India Bureau

Vijay Mallya debt fiasco comes to some good use for Indian business schools

BI India Bureau

Lost hopes! SBI expects to recover only part of Kingfisher loans

BI India Bureau

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