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Liquor baron Vijay Mallya struck Rs 67 cr deal to save New York condo last month: Reports

New Delhi: At a time when banks were struggling to recover over Rs 9,000 core in bad loans from beleaguered industrialist Vijay Mallya last month, the liquor baron allegedly struck a $10 million (Rs 67
India TV Business Desk April 23, 2016 22:20 IST
India TV Business Desk

New Delhi: At a time when banks were struggling to recover over Rs 9,000 core in bad loans from beleaguered industrialist Vijay Mallya last month, the liquor baron allegedly struck a $10 million (Rs 67 crore) deal that will enable him to retain a luxurious apartment in Manhattan (New York), claim reports.

According to New York Department of Finance, the ‘king of good times’ had already paid an amount of $4.6 million (Rs 30.7 cr) in 2010 for the deal in his daughter Tanya’s name. This was the time when Mallya was on a buying binge 2010 onward.

Last year, Mallya received a notice from Trump Plaza reminding him that he owed $10.1 million to retain the penthouse in his daughter's name. This was a settlement between Mallya and the original owners of the land on which the flat was constructed.

While it appeared that Mallya would have to surrender his penthouse due to his financial troubles, the industrialist who has dues worth thousands of crores went ahead and struck a deal which saw $10 million being paid by him.

Read Also: Government committed to bring back Vijay Mallya to face justice, says government

The settlements has emerged in the midst of the Enforcement Directorate seeking the assistance of the MEA to initiate proceedings for the deportation of Mallya, who is being investigated over loan defaults of over Rs 9,000 crore to 17 banks.

The Ministry of External Affairs reaffirmed its commitment to bring back beleaguered industrialist Vijay Mallya to face the law of the land.

There is an indication that the government was looking to toughen its stand on Mallya, the government said it was undertaking legal consultations to ensure that Mallya is brought back to India and is made to face justice.

“The government is committed to bring him back to face justice, currently we are in the process of consulting various agencies,” spokesperson for the MEA Vikas Swaroop told reporters in Delhi.

“We are considering legal experts in this matter,” he added when asked about the ED request for deportation.