Demonetisation: Finance minister clarifies Mallya's loans written off 'only in books'

Maxine SotoNov 17, 2016

After demonetisation move bank waive Rs 1,201 crore loan wihch Vijay Mallya's Kingfisher Airlines owe to bank. "Performing assets have turned to non performing assets, loans have not been pardoned", Jaitley told the Parliament. "The write-off of loans of Mallya and others does not mean that we have pardoned the loan".

Referring to the Mallya loan issue as a "terrible legacy" which the NDA government had inherited from the UPA, Jaitley said, "Written off does not mean waiver". Speaking in Rajya Sabha on the first day of winter session he said, "Loan to Vijay Mallya's Kingfisher a write-off 'only in books, ' but the government is still pursuing his case".

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They entered the office, sat in front of Venkataraman's cabin and shouted slogans against Centre's reported decision to waive bad loans. This is the only loan for which second restructure was wanted by that government. "(Kingfisher's) liability to pay still exists", he emphasized. The auction by the bank failed to attract any bidder.

As per reports doing the rounds, SBI has also written off Rs 48,000 crore of bad loans as of 30 June 2016. The loans have been moved to an Advance Under Collection Account (AUCA), including around '596 crore from KS Oil. There is a very robust process for following up all these loans for recovery including monthly review by management and quarterly review by board. "The words "write off" are technical terms and used in the layman's way of understanding these words is completely misleading".

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Earlier, the details of Loan extended to Vijay Mallya and Kingfisher Airlines were not disclosed by SBI saying that the matter is su-judice.

Yechury in this context alleged that SBI had written off Rs 7,000 crore NPAs.

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