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The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues owed by Vijay Mallya's defunct Kingfisher Airlines The  State Bank of India  has cleaned up non-performing assets worth Rs 7,016 crore from its books by writing off loans given to 63 wilful defaulters, Daily News & Analysis reported on Wednesday. Of the 63 accounts, 31 have been partially written off and six shown as NPAs. The clean-up drive saw the bank forgoing almost Rs 1,201 crore in dues to Vijay Mallya’s defunct Kingfisher Airlines, which is at the top of the list of wilful defaulters. In other words, loans given to Kinfsiher Airlines will no longer be shown in the bank’s balance sheet, though the airline has outstanding dues of almost Rs 1,201 crore. Some of the other prominent defaulters who feature in the write-off list are KS Oil (Rs 596 crore), Surya Pharmaceuticals (Rs 526 crore), GET Power (Rs 400 crore) and SAI Info System (Rs 376 crore). The Congress party immediately reacted to...

Vijay Mallya, the Indian liquor baron battling creditors seeking to recover dues, offered to deposit Rs 1,590 crore ($240 million) with India's top court to establish his intent to settle with lenders who had rejected an earlier payment proposal. Lawyers representing the founder of the collapsed   Kingfisher Airlines   Ltd, who the government says left the country earlier this year, filed an affidavit in the Supreme Court on Thursday in response to a directive to declare all his assets. The debt owed by the failed carrier is at the centre of India's drive to crack down on defaulters and clean up the balance sheets of its banks weighed down by soured loans. Mallya also told the court that overseas assets are not considered while granting loans, and sought permission to file information of his assets in a sealed cover on June 26. He also said banks had no right to any of this information as they were not involved in overseas assets recast. He further added that he ca...

The Enforcement Directorate (ED) and Reserve Bank of India have launched a probe into the transfer of Rs 4,000 crore from United Spirits Ltd (USL) to the British Virgin Islands in early 2007 by the company before it was taken over by Diageo in 2012. A probe into the transfer was first ordered by a division Bench of the Karnataka High Court on December 20, 2013, Show full article

Bankers cannot escape blame for the bad-loan mess at Kingfisher Airlines. Why did they fund Vijay Mallya’s never financially solvent airline? Kingfisher’s gross block (investment in fixed assets) was always a fraction of its total debt and the gap widened with each passing year (see chart). Thus, the banks never had the option to sell its assets and recover their dues in a default. Compare it to the amount of documentation and collateral that banks ask from individual borrowers. Show full article

Industrialist Vijay Mallya today came out in defence of his decision to go abroad, stating that he had not fled from India.  Rubbishing claims that he had absconded from India, Mallya said that as an international businessman, he travels a lot to and fro from India. ALSO READ:  Mallya showed zero debt in Rajya Sabha affidavit   Show full Article  Tweets by Vijay Mallya

Five serving and former executives of the IDBI Bank, mentioned in a probe report by the Central Bureau of Investigation (CBI) will be questioned by the Enforcement Directorate (ED) over a Rs 950-crore loan sanctioned to Kingfisher Airlines in 2009. Yogesh Agarwal, the then chairman and managing director of IDBI Bank, and four other executives who were members of the credit committee, B K Batra, O V Bundellu, R Bansal and S K V Srinivasan, have been named by the CBI. Show full article

Vijay Mallya, chairman of United Breweries (UB) group, has issued a statement to say banks already have securities worth Rs 2,500 crore against Rs 7,000 crore loans given to the now-defunct Kingfisher Airlines. Show full article ALSO READ:  Mallya default case: DRT to pass orders today on SBI plea