Supreme Court of India has issued a notice to UB Group chairman Vijay Mallya after a consortium of 17 banks approached Supreme Court to restrain from leaving the country. Mallaya’s Kingfisher Airlines Ltd. owes Rs. 9,091 crore in loans to various banks.
Attorney General Mukul Rohatgi, who appeared for the petitioners, requested the bench comprising of Justices Kurien Joseph and RF Nariman to issue an order summoning Mallya to the court and deposit his passport while the recovery proceedings were on.
However the bench observed:
At this stage, we will issue a notice to him and his company. You serve notice and we will see on the next date what happens. You ask him to appear.
Read complete order here.
http://onelawstreet.com/wp-content/uploads/2016/03/sc-mallya-09032016.pdf
