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SC receives Rs 4000 crore repayment plan from Mallya

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Representational file photo, Courtesy- wikimedia commons

New Delhi: Liquor baron Vijay Mallya on Wednesday submitted Rs 4,000 crore repayment plan to Supreme court. Mallya also told the SC that he had two rounds of video conferencing with banks adding that he will repay the amount by September 2016.

SC has allowed the consortium of banks to respond within a week’s time to the proposal and posted the matter for hearing on April 7.Meanwhile the banks have told the apex court that they need time to look at Mallya’s repayment proposal.

Vijay Mallya’s Counsel said negotiations with banks are on but media is exaggerating the issue, therefore proposal should be kept sealed. Justice Kurien, however, observed ‘media ultimately stands for public interest’.

In a stern warning to wilful defaulters like Vijay Mallya, Finance Minister Arun Jaitley couple of days ago said they should settle their dues honourably with the banks or else be ready to face “coercive action” by lenders and investigative agencies.

He further said that banks have certain collaterals of group companies of Vijay Mallya and will take legal action to recover dues that are in excess of Rs 9,000 crore.

Mallya, promoter of long-grounded Kingfisher Airlines, had left India on March 2, presumably for London, days before the Supreme Court heard a plea of clutch of state-owned banks seeking recovery from his group firms.

Mallya and Kingfisher Airlines owed Rs 7,800 crore to a consortium of 17 lenders led by State Bank, which had an exposure of over Rs 1,600 crore to the now defunct airline.

Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).

UCO Bank has to recover Rs 320 crore, Corporation Bank (Rs 310 crore), State Bank of Mysore, (Rs 150 crore), Indian Overseas Bank (Rs 140 crore), Federal Bank (Rs 90 crore), Punjab & Sind Bank (Rs 60 crore) and Axis Bank (Rs 50 crore).

Credits: Zee news

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Supreme Court seeks Centre’s response on plea challenging polygamy, nikah halala

Under nikah halala, if a Muslim woman after being divorced by her husband three times at different instances wants to go back to him, then she has to marry another person and then divorce the second husband to get re-married to her first husband

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Supreme Court seeks response on plea regarding halala nikkah. Wikimedia Commons

The Supreme Court on Monday sought Centre’s response on a plea challenging the constitutional validity of the practice of polygamy and nikah halala amongst the Muslim community. A bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud said the matter would be heard by the constitution bench.

1300 applicants after the new rule came in. Wikimedia commons
Plea against halala nikah, SC waits for Center’s response. Wikimedia commons

The court directed that the matter be placed before the Chief Justice for setting up of an appropriate bench. Appearing for one of the petitioners, senior counsel Mohan Parasaran told the court that the 2017 judgement which had held instant triple talaq as unconstitutional had left these two issues open and did not address them.

A Muslim husband is allowed to have more than one wife. Under nikah halala, if a Muslim woman after being divorced by her husband three times at different instances wants to go back to him, then she has to marry another person and then divorce the second husband to get re-married to her first husband. IANS

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