Recover Rs 6200 crore from Vijay Mallya, DRT tells bank consortium

The Debt Recovery Tribunal (DRT) on Thursday ordered the bankers of State Bank of India-led consortium, to start proceedings to recover Rs 6,203 crore debt from beleaguered businessman Vijay Mallya.

The now-defunct Kingfisher Airlines owes over Rs 9,000 crore to a consortium of 17 banks led by the 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," the counsel told IANS. 

On March 2, Mallya left the country and is currently based in London. He has been declared a proclaimed offender by a special Prevention of Money Laundering Act (PMLA) court in Mumbai on a plea by the Enforcement Directorate (ED) in connection with its money laundering probe against him in the alleged bank loan default case.  

In November, CBI had initiated an extradition request to bring him back from Britain through a special court in Mumbai.

The investigative agency secured a non-bailable warrant against Mallya, following it with an extradition request from the special court to competent authorities in Britain.

Last month, a local court in Mumbai had declared him a proclaimed absconder.