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SBI seeks Vijay Mallya's arrest in loan default case
Posted on: 03-03-2016 , 11:07:AM | DY365 Bureau

Mar 3, 2016- The State Bank of India on Wednesday sought to arrest Vijay Mallya, and also impound his passport, as the bank approached the Debt Recovery Tribunal seeking action against the UB Group promoter for defaulting on loans.

The top state-run lender, which heads the consortium of 17 lenders to the grounded Kingfisher Airlines, moved the Debt Recovery Tribunal in Bengaluru against the airline’s chairman Mallya in its bid to recover over Rs 7,000-crore dud loans from him. According to sources, SBI has moved four applications at the DRT, seeking impounding Mallya’s passport, getting him arrested, securing the lenders’ first right on the payout from Diageo and getting full disclosure of his assets in the country and abroad.

An SBI official confirmed to PTI that they have moved the DRT seeking a right on the severance package, as the borrower Mallya, who has already been declared by the bank a wilful defaulter, has decided to leave the country and settle down in London. Mallya and Kingfisher Airlines owed Rs 7,800 crore to a consortium of 17 lenders led by State Bank, which had an exposure of over Rs 1,600 crore to the now defunct airline. Since January 2012, the loan was not serviced.








 
 

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