Vijay Mallya seeks to sell $2 billion assets to settle bank dues

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New Delhi: Runaway Indian businessman Vijay Mallya has requested the court’s approval to sell frozen assets worth ₹ 13,900 crore, making a new attempt to cancel the bank debts owed by his now defunct Kingfisher Airlines Ltd.

Mallya and her United Breweries Holdings filed an application with a court in Karnataka on June 22, requesting permission to pay creditors the proceeds of the sale, according to a statement on Tuesday. The interest accounts accrued by the majority of the shares are due to restrictions imposed on the provisions, according to the statement.

“I respectfully say that I made and continue to make every effort, in good faith, to reach an agreement with the public sector banks,” Mallya, who now lives in the United Kingdom, said in the statement. “If external factors motivated by political motives interfere, there’s nothing I can do.”

Mallya, 62, is facing numerous lawsuits in the United Kingdom and India over accusations of fraud and money laundering after Indian banks, under pressure from regulators to recover money from defaulters, have persecuted the extravagant billionaire for unpaid debt of approximately $ 1,400 million due to its carrier, which was based in 2012. The Indian authorities have also requested his extradition.