JP Morgan Bank Directed Not to Disburse $40 Million to Mallya

Debt Recovery Tribunal has further directed JP Morgan bank to provide statement of transaction since 25 February.

Vijay Mallya. (Photo: The Quint)

• In another blow to beleaguered businessman Vijay Mallya, the Debt Recovery Tribunal (DRT) on Tuesday directed JPMorgan Bank not to disburse $40 million of the $75 million sweetheart deal stuck between him and Diageo.
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• In tandem, the tribunal directed the New York-based bank to “attach” (submit) before it the statements of accounts held by Mallya in the bank. The presiding officer also directed companies, including Watson Limited, a Mallya-affiliated firm, to attach shares before the tribunal.
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• The directions came during the hearing on two applications filed by the consortium of banks led by the State Bank of India.
  
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• Liquor baron Mallya is accused of defaulting on loans worth Rs 9,400 crore and is currently living in exile in the UK on a diplomatic passport.
  
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(With PTI Inputs)