Vijay Mallya companies ordered to repay Rs 6,203 crore loans plus interest

The Debt Recovery Tribunal allowed that banks today to begin proceeding aimed at recovering Rs
6,203 cr debt from beleaguered businessman Vijay Mallya.

Published: 19th January 2017 12:32 PM  |   Last Updated: 19th January 2017 03:13 PM   |  A+A-

Vijay Mallya (File | PTI)

By Express News Service

BENGALURU: Fugitive businessman Vijay Mallya’s Kingfisher Airlines Ltd and three other companies once promoted by him have been asked to repay Rs Rs 6,203 crore owed to banks plus interest at the rate of 11.5 per cent.

The Bengaluru bench of the Debt Recovery Tribunal (DRT) on Thursday pronounced its order on an application filed by a consortium of 17 banks led by the State Bank of India (SBI). The banks had approached the tribunal against Kingfisher and the other companies after they defaulted on loans provided by them.

Vijay Mallya fled to the United Kingdom in March last year after the banks decided to sum him for default.

As per the order pronounced by the tribunal’s presiding officer K Srinivasan, the interest on the loan has to be paid from the date of filing an application to the tribunal by the consortium of banks led by SBI.

India Matters


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