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DRT Allows Banks to Recover Rs 6,203 Crore Debt From Vijay Mallya

First published: January 19, 2017, 1:00 PM IST | Updated: 11 mins ago

File photo of former liquor baron Vijay Mallya. (Reuters)

Bengaluru: The Debt Recovery Tribunal(DCT) on Thursday allowed bankers to start proceedings to recover Rs 6,203 crore debt plus interest at 11.5 per cent from July 26, 2013 from beleaguered businessman Vijay Mallya.

The Debt Recovery Tribunal (DRT) also ordered attachment and recovery of industrialist Vijay Mallya’s properties for defaulting on bank loans by his defunct Kingfisher Airlines Ltd.

DCT was hearing pleas of a 17-bank consortium led by SBI against beleaguered liquor baron Vijay Mallya in the Kingfisher Airlines case.

“The Tribunal has allowed our petitions against Mallya’s Kingfisher and issued an order to attach their properties for recovering the amount (Rs.6, 203 crore) with interest,” counsel for the consortium told reporters.

Mallya, who left the country on March 2, 2016, was declared Proclaimed Offender by a special PMLA court in Mumbai on a plea of Enforcement Directorate in connection with its money laundering probe against him in the alleged bank loan default case.