DRT Orders Banks to Start Recovering Rs 6,203 Cr from Vijay Mallya
- The Debt Recovery Tribunal (DRT) on Thursday ordered the SBI-led consortium of banks to start the process of recovering Rs 6,203 crore, at annual interest rate of 11.5 per cent, from embattled tycoon Vijay Mallya and his companies in the Kingfisher Airlines case.
- United Breweries (Holdings) Ltd is promoted by Mallya, of which he was made the Principal Officer last September in the absence of a Managing Director.
- The order brings an end to the nearly three-year legal battle in the Tribunal by the consortium, comprising 17 banks, to recover the money owed to them by the defunct airlines.
- SBI had filed three other applications also, including one seeking Mallya's arrest and impounding his passport, for "defaulting" on loans.
(With inputs from PTI)