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Vijay Mallya in trouble, Tribunal gives permission to banks to recover Rs. 9,000 crore debt

Vijay Mallya in trouble, Tribunal gives permission to banks to recover Rs. 9,000 crore debt

India Blooms News Service | | 19 Jan 2017, 07:13 pm
Bengaluru, Jan 19 (IBNS) : Business tycoon Vijay Mallya was in for a deep trouble as the Debt Recovery Tribunal on Thursday allowed a consortium of banks, led by the State Bank of India, to initiate the process of recovering from him the debt of more than Rs 9,000 crore, reports said.

The Tribunal's permission came in response to a plea by the consortium which is now at liberty to attach Mallya’s assets to recover the money.

The Tribunal said  Rs 6203.35 crore  at the interest rate of 11.5 per cent would be recovered from Mallya’s  Kingfisher now defunct Kingfisher Airlines, Finvest and United Breweries Holdings Ltd.

Mallya, against whom a non-bailable warrant has been issued, left for the UK in March, 2016. He has been there since then.

The Supreme Court on January 11 issued a notice to Mallya, asked him to submit an affidavit following a petition filed against him by the consortium. 

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