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Vijay Mallya seeks to sell assets worth Rs 13,900 crore to settle dues

Mallya and his United Breweries Holdings Ltd filed an application before a court in Karnataka on June 22, seeking permission to repay creditors from the proceeds of the sale, according to a statement on Tuesday.

business Updated: Jun 26, 2018 16:04 IST
Anurag Kotoky
Anurag Kotoky
Bloomberg
Vijay Mallya,Vijay Mallya money laundering,United Breweries Holdings
Mallya, 62, is fighting numerous lawsuits in the UK and India over fraud and money-laundering allegations after Indian lenders.(AFP Photo)

Fugitive Indian businessman Vijay Mallya has sought court approvals to sell some frozen assets worth about 13,900 crores, making a fresh attempt to settle bank dues owed by his now-defunct Kingfisher Airlines Ltd.

Mallya and his United Breweries Holdings Ltd filed an application before a court in Karnataka on June 22, seeking permission to repay creditors from the proceeds of the sale, according to a statement on Tuesday. Accruing interest accounts for most of the dues because of restrictions imposed on disposals, according to the statement.

“I respectfully say that I have made and continue to make every effort, in good faith to settle with the public sector banks,” Mallya, who now lives in the UK, said in the statement. “If politically motivated extraneous factors interfere, there is nothing that I can do.”

Mallya, 62, is fighting numerous lawsuits in the UK and India over fraud and money-laundering allegations after Indian lenders, under pressure from regulators to recover money from defaulters, have gone after the flamboyant former billionaire for unpaid debt of about $1.4 billion owed by his carrier that was grounded in 2012. Indian authorities have also sought his extradition.

First Published: Jun 26, 2018 16:01 IST