Arun Jaitley warns Vijay Mallya of coercive action if dues are not paid on time

Finance Minister Arun Jaitley today said that wilful defaulters like Vijay Mallya should either settle their dues honourably with the banks or be ready to face coercive action by both lenders and investigative agencies.

"I don't want to make any comments on individual cases but I think it's a responsibility of large groups like his (Vijay Mallya's) to honourably settle their dues with the banks," he told PTI.

He added that banks have certain collaterals of Vijay Mallya’s group companies, and are capable of taking legal action to recover dues that amount more than Rs 9,000 crore.

"Banks have some securities. Banks plus other agencies have also coercive methods available with them through legal enforcement...these are all being investigated by relevant agencies," he said.

Mallya had left India on March 2 before banks could get the Supreme Court forfeit his passport.

The Finance Minister has said that the government has been trying to find a solution to the problem of NPAs in sectors like steel, textile, highways and infrastructure, which are on account of economic slowdown.