IDBI issues public notice on Vijay Mallya as ‘wilful defaulter’

New Delhi: IDBI Bank has declared Vijay Mallya a wilful defaulter and issued a public notice on Wednesday with his old passport size photograph for default on payments worth Rs 1,566 crore with respect to Kingfisher Airlines.

IDBI Bank NPA Management Group in Mumbai issued a public notice about wilful defaulter with the now-defunct Kingfisher Airlines as the borrower and Vijay Mallya as the director and guarantor. The notice carries an old black and white photograph of Vijay Mallya with his address given as UB Tower, Bangalore.

Vijay Mallya is currently in London and the Indian government has initiated legal proceedings to seek his extradition. The pooled security charged to the consortium of banks, including IDBI Bank, includes the first pari passu charge on current assets of Kingfisher Airlines, hypothecation of 2 helicopters, mortgage of Kingfisher House, Mumbai owned by Kingfisher Airlines, first charge on the fixed assets including ground support and equipment, computers, office equipment, furniture, fixtures of Kingfisher Airlines, residual charge on shares of United Spirits and McDowell Holdings pledged to SREI and J&K Bank, charge over Kingfisher Airlines brand including trademarks, personal guarantee of Vijay Mallya, corporate guarantee of United Breweries Holdings. (IANS)

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