the guy was siphoning funds from his airlines to paper subsidiaries abroad and it was showing up in its balance sheet , when he was requested by some of the banks to produce the balance sheet of those paper companies , he refused to submit them and using his political influence and intimidation, because of this some banks from the consortium refused to lend and pulled out , if you have funds to finance other companies then why do you need to borrow, if you have to borrow then why spend it on other companies.. simple question, , and coming to due diligence it all goes out the window when you have your yes man running the show, and mallya is no villain , he is just a crook who stole and ran
how do i know , i work for one banks that pulled out