Saturday, September 19, 2015

Supreme Court allows Vijay Mallya, Kingfisher lawyers at SBI’s defaulter hearing

New Delhi: The Supreme Court on Friday permitted Kingfisher Airlines as well as the grounded airline's promoter Vijay Mallya and directors to be represented by lawyers at a State Bank of India hearing, where they need to explain why they shouldn't be declared wilful defaulters.

Justices FMI Kalifulla and UU Lalit accepted the airline's plea, despite Attorney General Mukul Rohatgi arguing that such a decision would set a precedent for other cases where banks are seeking to recover bad loans.

The PSU bank is in the process of recovering bad loans in at least 5,000 cases and allowing lawyers in every case would delay the process, Rohatgi said. Every single person will then want a lawyer, he added.
19/09/15 Samanwaya Rautray/Economic Times
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