Banks Consortium, ED to Decide Loan Recovery Strategy from Mallya

A decision on how to recover 9,000 crore from the liquor baron is to be taken after the meeting.

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Tough days ahead for Vijay Mallya. (Photo: PTI)
  • State Bank of India, the head of the 17 bank consortium, and the Enforcement Directorate (ED) on Wednesday met to thrash out a strategy for recovery of loans worth over Rs 9,000 crore borrowed by liquor baron Vijay Maya and his now defunct Kingfisher Airlines.

  • Officials said the meeting was arranged by the Finance Ministry at the behest of the ED so that the two sides can discuss the alleged loan default by Mallya, and chart the way forward.

  • The two sides are understood to have shared notes and details of the probe that they have undertaken till now in the case, which is also being heard by the Supreme Court.

(With inputs from PTI.)

Also read: JP Morgan Directed Not To Disburse $40 Million To Mallya

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