The apex court dismissed his plea and refused to interfere into the controversy in which the United Bank of India tagged the owner of grounded Kingfisher Airlines as the "Wilful Defaulter". [Read: Vijay Mallya gets another shameful name by United Bank of India, thanks to Kingfisher]
Asking Mallya to move to a relevant high court, the Supreme Court on Tuesday asserted that it would not restrain Union Bank from declaring Mallya and Kingfisher Airlines a wilful defaulter.
SC would not restrain Union Bank from declaring Vijay Mallya wilful defaulter
A day after receiving the tag of "wilful defaulter", Mallya and Co moved the apex court challenging the United Bank of India which earlier on Monday announced, "We have declared Vijay Mallya and three other directors of Kingfisher Airlines as wilful defaulters."
The Grievance Redressal Committee (GRC) of the bank has declared directors Ravi Nedungadi, Anil Kumar Ganguly and Subash Gupte as wilful defaulters.
Post this declaration, these persons and the entity would not be able to borrow from the bank in future. They would also lose director-level positions in companies. Criminal proceeding could also be initiated against these persons if warranted.