Wilful Defaulter News

The number of wilful defaulters of PSBs rose from 5,554 to 7,686 in three years to December 2015 while the amount involved more than doubled to Rs 66,190 crore from Rs 27,749 crore.

With banks having rejected Rs 4,000 crore offer made by 'wilful defaulter' Vijay Mallya to settle dues of over Rs 9,000 crore, industry body Assocham has asked them to be open to negotiations and cut losses.

In order to tackle the crisis on bad loans, the Centre is contemplating a revamp on  loan defaulters.

The agency had also sent a notice to Grant Thornton seeking clarification on valuation.

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It is feared that Mallya might become a fugitive from law by shifting base to a country where it might be difficult to make him face the Indian laws, officials said.

After being declared as wilful defaulter by State Bank of India and Punjab National Bank, one more state-run lender United Bank of India Monday said it is continuing its efforts to declare liquor barron Vijay Mallya as wilful defaulter.

The Delhi High Court Thursday refused to hear Vijay Mallya's plea against State Bank of India's decision to name him a "wilful defaulter" and said he can approach an appropriate forum.

Known for his flamboyance and hosting lavish parties even when his companies have been declared defaulters by lenders, Mallya also said everybody has his own "perception" about his lifestyle and he would not comment on it.  

Vijay Mallya-led United Breweries Holdings Ltd on Tuesday said it has been declared a "Willful Defaulter" by Punjab National Bank (PNB) and the company is consulting lawyers to challenge the decision.

Kingfisher Airlines has objected to being identified as a 'wilful defaulter' by state-run UCO Bank, which had sent a notice following non-repayment of a Rs 450 crore loan by the grounded carrier.

Jaitley said banks are taking a number of steps against willful defaulters.

The bank has already declared Kingfisher Airlines and its four directors, including Mallya, as wilful defaulters.

Now, the airline has communicated that it wanted to know the basis of why the `wilful defaulter' tag was being attached to the company.

City-based UCO Bank on Monday said it has "identified" Vijay Mallya-owned Kingfisher Airlines (KFA) as a "wilful defaulter" and will be sending a notice to the defunct carrier.

Governor Raghuram Rajan on Tuesday said the Reserve Bank is in the process of redefining the definition of "wilful defaulters" so as to bring the directors of defaulting companies under its ambit.

Beleaguered carrier Kingfisher Airlines on Saturday said it has secured a stay from the Calcutta High Court on United Bank of India declaring the airline and its directors, including promoter Vijay Mallya, as wilful defaulters.

Lenders can declare a loan guarantor as wilful defaulter when the primary borrower is declared so, said an advocate in the apex court.

Debt-ridden Kingfisher Airlines today contested UBI's decision to declare it as a wilful defaulter, saying that RBI guidelines in this regard do not apply to the company.