New York: Amid a raging row over recovery of soured debt from tycoon Vijay Mallya, Finance Minister Arun Jaitley has said that said it was the responsibility of banks to ensure no defaulter manages to get away. A special court in Mumbai on Monday ordered the arrest of Mallya, days after government suspended his passport in a bid to force his return from abroad and make him repay dues.
Jaitley said he would not comment on court proceedings. “You have investigative agencies looking into criminal law matters (and) you have banks looking into settlement matters. I think both are extremely competent institutions who can act strictly within the parameters of law,” he told a news channel. As banks moved to recover Rs 9,000 crore that his collapsed Kingfisher Airlines owed them, Mallya left India for London. “As far as the banks are concerned, its their responsibility based on commercial considerations to make sure that no defaulter manages to get away,” he said. “Merely by escaping the geographical boundaries of India you don’t run away from the liabilities.”PTI
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