Arun Jaitley warns wilful defaulters to pay dues or face coercive action

28 March, New Delhi

In a stern warning to wilful defaulters, Finance Minister Arun Jaitley has said that they should settle their dues honourably with the banks or else be ready to face coercive action.

In an interview to a News Agency, Jaitley said, it is a responsibility of large groups like Vijay Mallya’s to honourably settle their dues with the banks.

He further said that banks have certain collaterals of group companies of Mallya and will take legal action to recover dues that are in excess of 9,000 crore rupees.

The Finance Minister also said the government has been trying to address the problem of NPAs in sectors such as steel, textile, highways and infrastructure, which are on account of economic slowdown.