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.