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November 30, 2020

FM Arun Jaitley takes a dig at Vijay Mallya, says banks should ensure no defaulter gets away

Amid a raging row over recovery of soured debt from magnate Vijay Mallya, Finance Minister Arun Jaitley these days said it turned into obligation of banks to make certain no defaulter manages to get away.

A special court docket in Mumbai on Monday ordered the arrest of Mallya, days after government suspended his passport in a bid to pressure his go back from abroad and make him pay off dues.

Jaitley said he might now not comment on court docket proceedings.

you have investigative businesses searching into crook law subjects (and) you have got banks looking into settlement matters. I suppose each are extraordinarily in a position institutions who can act strictly in the parameters of regulation,” he advised ET Now.



As banks moved to recover Rs nine,000 crore that his collapsed Kingfisher AirlinesBSE three.03 % owed them, Mallya left India presumably for London.

“As some distance because the banks are concerned, its their obligation based totally on business issues to make certain that no defaulter manages to get away,” Jaitley said. “merely by way of escaping the geographical boundaries of India you do not run far from the liabilities that you owe to the public gadget.”

The perfect court has asked Mallya to claim all his assets with the aid of April 21 after a set of creditors turned down his notion to repay as a good deal as $900 million.

Banks need whole amount due, together with hobby to be paid returned.

Mallya has formerly termed shutting down of Kingfisher airlines as an “unlucky industrial failure” because of macroeconomic factors and authorities policies. He said he did now not flee the u . s . and turned into not an “absconder.”

“They (investigating groups and banks) are sending a totally sturdy signal that public money owed owed to business banks, you cant simply run faraway from liability if you have responsibility to pay and ..

Pamela W. Holloway

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