DRT allows banks petition against Vijay Mallya

January 19, 2017 5:02 pm
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In a major development in Vijay Mallya case, Debts Recovery Tribunal has heard the pleas of of SBI-led consortium of banks for recovery of over Rs 9,000 crore has given it’s verdict in favour of banks consortium. DRT has allowed bankers to start proceedings to recover Rs 6,203 cr debt from Vijay Mallya. The order has pulled curtains down on the nearly three-year legal battle in the tribunal by the consortium, comprising 17 banks, to recover the money owed by the defunct airlines. Mallya, who had fled the country on March 2 last year and had been residing in the UK, had been 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.

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