Offered Rs 14K cr to banks as settlement: Mallya’s UB tells SC

TIL Desk/Business/New Delhi/ Fugitive liquor baron Vijay Mallya’s United Breweries (Holding) Ltd on Wednesday told the Supreme Court that it had offered over Rs 14,000 crore to various banks to settle its dues and that the company’s assets exceeded its total debt.

Senior advocate C.S. Vaidyanathan, appearing for United Breweries, submitted before a bench comprising Justices U.U. Lalit, Vineet Saran and S. Ravindra Bhat that the response of the banks had been received.

He contended that since the company’s assets exceeded the total debt, it was not the case wherein the company should be directed to wind up. He insisted that the Enforcement Directorate (ED) had attached many assets of the company, as a result of which none was available to the banks.