Banks can recover Rs 9,000 crore from Vijay Mallya: Tribunal
The SBI led consortium of banks had moved the Debt Recovery Tribunal for recovery othe money from Mallya
In a major relief to banks the Debt Recovery Tribunal on Thursday allowed an application as a result of which money can now be recovered from liquor baron, Vijay Mallya. The SBI led consortium of banks had moved the DRT for recovery of Rs 9,000 crore from Mallya in the Kingfisher Airlines case.
The
presiding
officer
of
the
DRT,
K
Sreenivasan
was
in
agreement
in
with
the
contention
of
the
banks.
By
way
of
this
order,
the
banks
can
now
start
recovering
money
from
Mallya.
This
order
brings
to
end
a
three
year
legal
battle
in
the
DRT
between
the
consortium
of
banks
and
Mallya
The banks have moved the DRT in 2013 to recover dues from the defunct airline. The banks had also sought the arrest of Mallya apart from directing that his passport be impounded for defaulting on loans.
OneIndia News