Tribunal orders attachment of Mallya’s property for debt recovery

Bengaluru, Jan 19 (IANS) 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 per cent 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.

–IANS

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