Loan recovery from Vijay Mallya: The Debt Recovery Tribunal has asked the consortium of banks in Bengaluru to commence the process of recovery of over Rs 6203 crores from the liquor baron Vijay Mallya for the unpaid loans which he had taken to help run his ailing Kingfisher Airlines.
Process of Loan recovery from Vijay Mallya to be initiated soon
The Presiding officer at DRT had directed the banks to initiate the recovery process and levy an interest of 11.5 percent over the unpaid dues of Vijay Mallya, with this the legal battle of the SBI-led consortium of 17 banks struggling to get their money back from Vijay Mallya will finally come to an end.
“I hereby ask the bankers to start the process of recovery of Rs 6203 crore at the interest rate of 11.5 percent per annum for Mallya and his companies including UBHL, Kingfisher, Finvest and Kingfisher airlines”, K Sreenivasan, Presiding Officer at Debt Recovery Tribunal said.
Vijay Mallya is currently in the United Kingdom, as he is escaping the various investigations against him.
The new office of DRT was inaugurated today. Sreenivasan today also disposed of 20 Interlocutory applications including that of Mallya’s and his companies. Furthermore, SBI has filed three applications as well that suggest the arrest of Vijay Mallya and impounding of his passport for defaulting on loans.