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After Vijay Mallya Gets $75 Million, SBI Wants Back Its Money First

State Bank of India, and a group of 17 lenders to the grounded Kingfisher Airlines, has moved the Debt Recovery Tribunal in Bengaluru against the airline’s chairman Vijay Mallya in its bid to recover 7800 crore rupees loans from him.

After Vijay Mallya Gets $75 Million, SBI Wants Back Its Money First

source: ibtimes

SBI is seeking Mallya’s arrest as well as full disclosure of his assets in the country and abroad. This comes after the news that Vijay Mallya was getting a package of $75 Million for quitting Diageo-owned United Spirits (USL) as its chairman. According to the deal, Diageo said it would pay $40 million immediately to Mr Mallya with the balance being payable in equal installments over the next five years.

After Vijay Mallya Gets $75 Million, SBI Wants Back Its Money First

source: Forbes

It is to be noted that Liquor baron Vijay Mallya was the owner of now defunct Kingfishers airlines which had amassed loans worth more than 7000 crores from banks like SBI, PNB, Canara bank, Bank of India etc. SBI’s share of the loans was around 1600 crore rupees.

In another development, the Delhi High Court on Thursday refused to hear a plea by Mr Mallya against SBI’s decision to name him a “wilful defaulter”, citing jurisdiction issues.

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