SBI moved DRT after the now-defunct Kingfisher Airlines, a loss-making venture of Vijay Mallya, accumulated thousands of crore in unserviced debts to secured, unsecured, tax and airport authorities as well as employees, among others. Photo: MintBengaluru: The Debt Recovery Tribunal (DRT) in Bengaluru on Thursday allowed the original application filed by a consortium of secured lenders led by State Bank of India (SBI), paving the way for the banks to recover unpaid dues of over Rs9,000 crore from “wilful defaulter” Vijay Mallya and his associated firms. SBI moved DRT after the now-defunct Kingfisher Airlines, a loss-making venture of Mallya, accumulated thousands of crore in unserviced debts to secured, unsecured, tax and airport authorities as well as employees, among others. Mallya was paid only $40 million by Diageo and the remaining money is to be paid over a period of five years subject to various pre-agreed clauses. Mallya left India on 2 March to the UK where he continues to reside.

Source: Mint January 19, 2017 07:26 UTC