Millennium Post

Debt tribunal to decide on Mallya fate today

Lenders and former employees of the beleaguered Kingfisher Airlines will be hoping for justice today as the Debt Recovery Tribunal (DRT) is all set to pass orders on the state-owned SBI’s application seeking the lenders’ first right on the $75-million payout from Diageo to UB Group promoter Vijay Mallya under a recent sweetheart deal. DRT had reserved its order after hearing the submissions made by both parties - bankers and Mallya - on March 4. George Joseph, a counsel for bankers, said orders will be passed on Monday. SBI had filed three other applications, including one seeking Mallya’s arrest and impounding of his passport, as the bank approached DRT seeking action against him for defaulting on loans. DRT had taken up, on a priority basis, the application for securing the first right on the $75 million severance package. The tribunal had said it would hear the other three applications at a later date.
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