.....As per the Reserve Bank of India norms, a wilful default happens when a company does not repay obligations despite having resources, or has not utilised the loan for other purposes or when there has been siphoning of funds or when the collateral has been sold without the lender’s consent. Strictly following these norms, Mallya cannot be deemed a wilful defaulter as there cannot be any malpractice or fraudulent motive attached to the issues at Kingfisher Airlines.............
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