Tribunal orders attachment of Vijay Mallya’s property for debt recovery | business-news | Hindustan Times
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Tribunal orders attachment of Vijay Mallya’s property for debt recovery

The Debt Recovery Tribunal (DRT) on Thursday ordered attachment and recovery of industrialist Vijay Mallya’s properties for defaulting on bank loans by his defunct Kingfisher Airlines Ltd.

business Updated: Jan 19, 2017 13:22 IST
The Tribunal said properties of Mallya and Kingfisher worth Rs.6,203 crore plus interest at 11.5% from July 26, 2013 can be recovered by a consortium of banks led by SBI.
The Tribunal said properties of Mallya and Kingfisher worth Rs.6,203 crore plus interest at 11.5% from July 26, 2013 can be recovered by a consortium of banks led by SBI.(AP File Photo)

The Debt Recovery Tribunal (DRT) on Thursday ordered attachment and recovery of industrialist Vijay Mallya’s properties for defaulting on bank loans by his defunct Kingfisher Airlines Ltd.

The Bengaluru bench of the Tribunal said properties of Mallya and Kingfisher worth Rs.6,203 crore plus interest at 11.5% from July 26, 2013 can be recovered by a consortium of banks led by State Bank of India (SBI).

“The Tribunal has allowed our petitions against Mallya’s Kingfisher and issued an order to attach their properties for recovering the amount (Rs.6, 203 crore) with interest,” counsel for the consortium told reporters here.