From the way Karnataka high court gave their judgement on Vijay Mallya’s arrest today, it seems the business tycoon is going to the jail. SBI bank went to the Debt Recovery Tribunal with the complaint that Vijay Mallya and his associates are not helping them with the matter.
However, this Vijay Mallya’s arrest is only a matter of a couple of days now unless he and his company pay back the debt they own to the SBI bank.
It is been long and they do not want to wait any longer. They want Vijay Mallya to get arrested. The plea made by them will be heard in court again on Monday.
One of the biggest revolutions in Vijay Mallya’s arrest case hearing was when the tycoon’s counsel Uday Holla told the Debt Recovery Tribunal that his client is a small player in loan non-payment case.
The court should check the history of groups like Reliance and then they will understand the truth.
This claim by counsel will probably not go in favour of the businessman. Vijay Mallya’s arrest hearing on Monday is very important. This hearing will decide if the businessman will be going to the jail. SBI has a strong case in their hand so it will not be easy for Mallya to get out on the basis of “I have a small loan comparing to other companies”.
SBI Karnataka group went to Debt Recovery Tribunal couple of months ago. They saw that Vijay Mallya’s associated are not communicating with them. SBI thinks that, Vijay Mallya will not going to pay back 500 crores if he is not arrested.
SBI wants Vijay Mallya’s arrest but there is a chance that this may not happen. This is not new and cases like that happened with big companies many times. Vijay Mallya needed to try for out of court settlement as his company reputation is not so good at the moment.