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Pursuant to the company s failure to set up the copper smelter plant as per the agreed schedule of three years, the MIDC after more than 20 years in 2014 had issued notices of termination of its land lease agreements. However, the company alleged that it could not construct for reasons beyond control, i.e. because of a prohibitory order issued by the state government on construction and also due to a local agitation.
Earlier, a consortium of lending banks led by State Bank of India had moved the apex court alleging that Mallya was not following the court orders on repayment of loan which was then over Rs 9,000 crore