​​​
  1. Multi-crore loan default case: Vijay Mallya to contest SBI’s plea

Multi-crore loan default case: Vijay Mallya to contest SBI’s plea

United Breweries chairman Vijay Mallya will file his objections on Friday at the Debts Recovery Tribunal (DRT) here following State Bank of India’s (SBI) plea seeking his arrest in the multi-crore loan default case.

By: | Bengaluru | Updated: March 4, 2016 10:26 AM
vijay-mallya-new-reuters-L660 Wilful default case: A consortium of lenders led by SBI on Wednesday filed an interlocutory application in the DRT seeking Vijay Mallya’s arrest, impounding his passport, seizing his assets and claiming the million severance package he signed with British liquor giant Diageo last week. (Photo: Reuters)

United Breweries chairman Vijay Mallya will file his objections on Friday at the Debts Recovery Tribunal (DRT) in Bengaluru following State Bank of India’s (SBI) plea seeking his arrest in the multi-crore loan default case.

“We will be filing our objections against the interlocutory application (IA) filed by SBI. The DRT is not the right platform to seek arrest of a defaulter or impound his passport,” a senior lawyer told FE on condition of anonymity. The DRT has posted the case for further hearing on Friday. Mallya is currently in Delhi to attend Parliament as a Rajya Sabha MP.

A consortium of lenders led by SBI on Wednesday filed an interlocutory application in the DRT seeking his arrest, impounding his passport, seizing his assets and claiming the $75 million severance package he signed with British liquor giant Diageo last week. Hearing SBI’s plea on Wednesday, the presiding officer of DRT had posted the IA for next hearing on Friday and gave notice to Mallya for filing objection, if any.

“The DRT is meant only to facilitate banks and financial institutions recover outstanding loans speedily and has no powers to order his arrest or impound passport,” a lawyer close to the development told FE.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Go to Top