PSU banks move SC seeking direction that Vijay Mallya is not allowed to leave India

The Supreme Court on Tuesday agreed to hear tomorrow a plea filed by a consortium of 17 PSU banks seeking a direction that industrialist Vijay Mallya be restrained from leaving India.

“List it for hearing tomorrow,” a Bench comprising Chief Justice T.S. Thakur and Justice U.U. Lalit said, when Attorney General Mukul Rohatgi, appearing for PSU banks, mentioned the matter for urgent hearing.

Mr. Rohatgi said that the plea has been moved by 17 banks, including State Bank of India, against Mr. Mallya whose various firms have taken loan from them.

He also said that the dues run into thousands of crores.

Led by SBI, the 17 bank consortium is struggling to recover Rs. 6,963 crore debt due from Kingfisher Airlines.

Last month, the consortium had moved the debt recovery tribunal (DRT) to attach defunct carrier Kingfisher Airlines’ promoter Vijay Mallya’s passport.

The consortium also appealed that the funds Mr. Mallya will receive from Diageo be kept in an escrow account till the liquor baron clears the dues.

Punjab National Bank, SBI and nited Bank of India have declared KingFisher Airlines and its promoter Mr. Mallya as a 'wilful defaulter.'

The SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.

Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs.800 crore each), Bank of India (Rs. 650 crore), Bank of Baroda (Rs. 550 crore), Central Bank of India (Rs. 410 crore).

UCO Bank has to recover Rs. 320 crore, Corporation Bank (Rs 310 crore), State Bank of Mysore (Rs 150 crore), Indian Overseas Bank (Rs. 140 crore), Federal Bank (Rs. 90 crore), Punjab & Sind Bank (Rs. 60 crore) and Axis Bank (Rs. 50 crore).