In what can be perceived as a little relief to businessman Vijay Mallya, the Supreme Court on Friday adjourned the hearing on contempt case proceeding against the loan defaulter and further added that the hearing in case will be proceeded further only when Vijay Mallya is produced before it.
Taking a note over the extradition process of Mallya, the court also said that the government’s stand on proceeding to bring Mallya back is still pending with the United Kingdom (UK).
Earlier on May 9, business tycoon Vijay Mallya was held guilty of contempt on the basis of plea filed by the consortium of banks after he had failed to provide details of his assets. Mallya had also failed to appear before the court he even after being told so by the apex court.
The Indian government is currently in talks with the Britain in order to ensure the extradition of Vijay Mallya.
The case was being upheld on a plea made by a consortium of lender banks led by the State Bank of India (SBI) after it had contested that Mallya had allegedly transferred at least USD 40 million received from Diageo to his children in violation of judicial orders.
Vijay Mallya is accused of failing to return Rs 9,000 crore which had been taken as a loan.