Follow Us:
Sunday, July 03, 2022

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 |
March 7, 2016 11:41:12 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.

[related-post]

Subscriber Only Stories
Skin Allergies In Children – What parents need to know?Premium
What makes KuCoin P2P Trading Platform a Good Choice To Buy Crypto?Premium
Airtel Demonstrates Immersive Video Entertainment On 5G; Recreates Kapil ...Premium
Is It A Good Idea To Keep One Account For All Your Financial Transactions?Premium

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.

Hot Offer Putin claims victory in Mariupol, leaving Ukrainian defenders holed up Subscribe Now

📣 Join our Telegram channel ( The Indian Express ) for the latest news and updates

For all the latest Business News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard

Featured Stories

Latest Comment
Post Comment
Read Comments
Advertisement
X