Yes, Vijay Mallya Has Already Left The Country, Admit CBI Sources

A request to stop liquor baron Vijay Mallya from leaving the country will be heard by the Supreme Court today but CBI sources say he is already abroad.

"We are aware that he is not in the country at present. We will track his location when we need him," said sources in the investigating agency, which has questioned him twice on alleged loan default. 

A group of 17 banks has petitioned the Supreme Court to stop Mr Mallya from leaving India because of the massive debt that his grounded Kingfisher Airlines owes them.

The creditors, led by the State Bank of India, stepped up efforts to recover around Rs 7,000 crore in debts after Mr Mallya last month resigned as chairman of India's top spirits company United Spirits, a unit of UK-based Diageo Plc.

Mr Mallya could be in London, though his office has not confirmed his whereabouts. He had earlier said that he wants to move to Britain to be closer to his children. 

On Monday, a court blocked a $75 million or Rs 515 crore settlement between Mr Mallya and Diageo, which requires the businessman to step down as chairman of United Spirits. Mr Mallya was to receive $40 million or Rs 275 crore immediately and the remainder over five years.

Kingfisher, once India's second-biggest airline, stopped flying more than three years ago.

Mr Mallya said on Sunday he had no plans to run away from his creditors and was in talks over a one-time settlement to resolve Kingfisher's debt.

The liquor baron is also confronting a money-laundering case against him by the Enforcement Directorate for allegedly sending abroad Rs 900 crore that his airline borrowed from a bank.

(Also read: CBI details how Kingfisher 'misused' Rs 900 crore loan from IDBI)

Mr Mallya sold most of his stake in United Spirits to Diageo when his Kingfisher Airlines was grounded by debt and safety concerns, with staff left unpaid.

Kingfisher's creditor banks are set to auction a company property in India's financial capital Mumbai this month.

Union Law Minister Sadananda Gowda today said that the government is serious on cracking down on loan defaulters. The banking sector is grappling with rising non-performing assets (NPA). Gross NPAs of public sector banks stood at Rs 3.60 lakh crore at December-end, up from Rs. 2.67 lakh crore at the end of March 2015.  In Budget 2016, Finance Minister proposed infusion of Rs. 25,000 crore into public sector banks.