Hyderabad: Finding fault with the narrative of the Vijay Mallya’s case, CII president Naushad Forbes on Thursday said that loan defaulters should be judged by legal perspective and not by their lavish lifestyle.
In a case of a loan default, “there is a legal perspective, moral perspective and business perspective. And the only perspective that matters actually is legal perspective,” Mr Forbes said, in an apparent reference to the Mallya case.
“Moral perspective is very often when we look at particular defaulters, we say he is living such a flamboyant lifestyle. Now flamboyant lifestyle is not against law... But that is his choice how to spend his money,” he said.
While supporting banks in their efforts to recover their dues, Mr Forbes said: “Business default is not against the law. The word bankrupt is not a crime. It is reflection of taking risk in business. You might go into wrong business or you might chose a wrong field. That is not illegal... That’s why it is important to distinguish between wilful def-aulter and defaulters.”