Bangalore : As lenders mount pressure on him for repayment of debts, liquor baron Vijay Mallya today said he will challenge a bank’s decision to declare him and his now shut Kingfisher Airlines a willful defaulter saying he was never heard before pronouncement of the decision, reports PTI.
United Bank of India on Monday declared Mallya, 58, and three directors of Kingfisher Airlines willful defaulters, a tag that would restrict them from seeking future loans and also force him to step down from directorships.
“We were not given hearing, we have not appeared before them, we disagree with their action, and we shall pursue with legal remedies,” he said. Kingfisher did not make any profit during the eight years from launch to the grounding of its fleet in October 2012.
Speaking to reporters on the sidelines of 15th AGM United Breweries Ltd, he said, “we shall pursue all available legal remedies. I have great faith in judicial system in our country and I shall certainly pursue the legal remedies that are available to me.”
Mallya is the chairman of United Breweries, producer of India’s best-selling beer brand Kingfisher. He is also the chairman of United Spirits, now controlled by Diageo Plc.
Besides United Bank of India, Kingfisher owes about Rs 9,140 crore to about a dozen banks. Of them, IDBI Bank is considering declaring Mallya a willful defaulter and is serving out its 15-day notice period on non-payment of dues.
