Vijay Mallya default case: Debt Recovery Tribunal to pass order today

SBI had filed three other applications, including one seeking Mallya's arrest and impounding of his passport, as the bank approached DRT seeking action against him for defaulting on loans.

Bengaluru | Published:March 7, 2016 11:41 am
Shia Central Board of Waqfs Vijay Mallya

The Debt Recovery Tribunal (DRT) will on Monday pass orders on the state-owned SBI’s application seeking the lenders’ first right on the $75-million payout from Diageo to UB Group promoter Vijay Mallya under a recent sweetheart deal.

DRT had reserved its order after hearing the submissions made by both parties – bankers and Mallya – on March 4.

SBI had filed three other applications, including one seeking Mallya’s arrest and impounding of his passport, as the bank approached DRT seeking action against him for defaulting on loans.

Share This Article
Share
Related Article

DRT had taken up, on a priority basis, the application for securing the first right on the $75 million severance package.

The tribunal had said it would hear the other three applications at a later date.

SBI, which leads the consortium of 17 banks that lent money to the grounded Kingfisher Airlines, had moved DRT against the airline’s chairman Mallya in its bid to recover over Rs 7,000 crore of dues from him.

For all the latest Business News, download Indian Express App

  1. A
    Asma
    Mar 7, 2016 at 7:25 am
    No doubt, a fish in southern pond, many sharks in northern ocean !!
    Reply
    1. A
      A
      Mar 7, 2016 at 9:44 am
      I do not understand how Sahara chief is in jail and this gentleman is not. Even the Kolkata HC refused to declare him as a wilful defaulter Thousands of KFA employees have not been paid their ries and he has the audacity to quote a price if 16 cr for a cricketer in IPL
      Reply
      1. N
        NAGU
        Mar 7, 2016 at 9:22 am
        Dear Malya, running a AIRWAYS is not like running BREWERY , since UB, Kingfisher were started by your Father ,way back and running smoothly all over India , many Airway companies have failed in India except JET Airways , it is not like become MP- Rajyasabha by paying Rs.100 Crores to a local party run by a Ex- PM and influence Ministry of Civil Aviation , to get all facilities it is different BALL GAME all together. Naagu
        Reply
        1. S
          Sanjeev Singal
          Mar 7, 2016 at 7:00 am
          Strip him of all his ets - both inside and outside India - including his stylish sungles and shirts. Leave him for the rest of his life in a room of the size of a prison cell with his food and clothes rationed like a prisoner. Money raised from the auction of his ets be used to satisfy Bank Loans.
          Reply
          1. S
            satnam
            Mar 7, 2016 at 8:23 am
            All his UPA political friends have now abandoned this joker
            Reply
            1. Load More Comments