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GDebt Recovery Tribunal allows banks to recover Rs 9,000 crores from Vijay Mallya

mallya-k5GG--621x414@LiveMintThe Bengaluru based Debt Recovery Tribunal has allowed banks cheated by Vijay Mallya to take steps to recover the Rs 9,000 crores owed to them by wilful defaulter Mr. Mallya. The Presiding officer at the tribunal passed an order that the banks can recover Rs 6,203.35 crores from Vijay Mallya, Kingfisher Airlines Limited, United Breweries Holdings Limited and Kingfisher Finvest. The amount that will be paid to them will be returned with an interest of 11.5% from the date of filing the application, .i.e. in 2013.

State Bank of India was the first to move the DRT in 2013 after Mr. Mallya failed to make any payments to banks, employees and employees for his failed venture Kingfisher Airlines. SBI had last year asked the DRT to cancel his passport and had asked all his assets including the $75 million payment received for resigning from the board of United Breweries Limited to be attached.

Mr. Mallya had left for the UK on the 2nd of March and he continues to live there with his son Siddharth Mallya presently.

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