The Supreme Court has on Tuesday directed liquor baron Vijay Mallya to furnish details of assets held by him and family members in India and abroad in a sealed cover to banks. The direction came after the court has noted the unwillingness of Mallya to return to India and personally appear before it. The banks would act on the disclosures in accordance with the law, the apex court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman said, directing the disclosure of the assets Mallya holds abroad.

The court had recorded the statement of senior counsel C.A. Vaidyanathan, that these assets held by Mallya, his estranged wife and children were not covered under the personal guarantee given by Mallya to the banks to repay the loans that the consortium of 13 banks, headed by the State Bank of India (SBI), to his now-grounded Kingfisher Airlines.

The 60-year-old tycoon, has refused to return from the UK to India to face lenders, have argued that the loans given to his Kingfisher Airlines were not based on properties and other investments he made outside India, banks had no right to seek information about them.

Repayment offers made by Mallya through video-conferences have been rejected by the banks which said that he needs to negotiate with them in person and offer more than just 6,000 crores as a first installment.

By Premji