After taking a loan of Rs 9000 crores, the liquor baron Vijay Mallya was believed to have eloped from the country. After staying mute for a long time, Mallya has finally addressed the entire matter in his own words.
He reportedly wrote a letter to PM Modi in April 2016. He has recently made the letter public and claimed that he had been defamed deliberately. Finally, after breaking silence, Mallya asserted, "After a long period of silence, I feel the time has now come for me to state the factual position in response to the controversy, unfortunately, surrounding me. I have been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crores that were loaned to Kingfisher Airlines (KFA). Some of the lending Banks have also labelled me a wilful defaulter. The Consortium of 17 Banks led by State Bank of India (SBI) made various loans to Kingfisher Airlines of approximately Rs. 5,500 crores. Recoveries in excess of Rs. 600 crores have since been made through the sale of pledged assets and a further Rs. 1,280 crores has been lying deposited with the Hon'ble Karnataka High Court since 2013 (aggregating to in excess of Rs. 1,880 crores)." He also mentioned that all the loans he took were duly approved. The Kingfisher owner said, "Sadly, after the failure of KFA due to circumstances beyond its control, the Consortium of Banks filed proceedings before the Debt Recovery Tribunal for recovery of a Principal amount of approximately Rs. 5,000 crores plus unapplied interest of approximately Rs. 1,200 crores totalling approximately Rs. 6,200 crores. It is important to note that the Principal amount involved remains at approximately Rs. 5,000 crores (less the recoveries made from the sale of properties and other recoveries made by the Recovery Officer, DRT) as against the various inaccurate amounts appearing in the media."
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