Tuesday, January 31, 2023

Vijay Mallya case: DRT to hear SBI plea

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The Debt Recovery Tribunal (DRT) in Bengaluru is likely to hear the applications filed by public sector lender State Bank of India (SBI), leading 17 secured creditors against Vijay Mallya, Kingfisher Airlines and other defendants, seeking to recover unserviced debts of overRs.9,000 crore.

Mallya’s lawyers and other defendants in the case are expected to present evidence, objections and arguments to various interim orders passed by the DRT in recent times.

This includes the ex-parte interim order passed by the DRT on 17 May, asking JP Morgan Chase Bank (North America) not to disburse the $40 million that was already paid out by Diageo Plc. to Mallya. The $40 million was part of the $75 million sweetheart deal Mallya got for stepping down as chairman of his former company United Spirits Ltd (USL) on 25 February.

The case in question refers to the 2013 (Original Application) filed by SBI against Mallya, who owes over Rs.9,000 crore to banks after his airline venture Kingfisher Airlines incurred heavy losses and accrued debts since its inception in 2005.

Although Kingfisher Airlines and United Breweries (Holdings) Ltd. on Thursday submitted their evidence before the Debt Recovery Tribunal (DRT), which is seeking to recover un-serviced debts of over Rs. 9,000 crore, in connection with the hearing of the applications filed by public sector lender State Bank of India (SBI) presently leading 17 secured creditors against liquor baron Vijay Mallya. The court has granted other defendants who have yet not filled their evidences against Vijay Mallya time till June 3, 2016 to submit their response.

A Timeline

25 February: Vijay Mallya resigns as USL chairman; Diageo agrees to pay $75 million for stepping down. Pays $40 million.

2 March: SBI moves fresh application in DRT; seeks Mallya’s arrest, impounding of passport, disclosure of assets and liabilities and stopping payment of $75 million.

2 March: Vijay Mallya leaves for UK.

4 March: SBI moves Karnataka High Court seeking Mallya’s arrest.

7 March: DRT stops Diageo from paying out $75 million to Mallya.

1 April: Siddharth Mallya steps down as UBHL director.

11 April: Government agencies, Supreme Court demand Mallya’s return.

13 April: SBI moves application to stop sale of Mallya’s corporate jet by service tax department.

14 April: ED seeks revocation of Mallya’s passport in money laundering case.

16 April: Mallya’s diplomatic passport suspended.

17 April: UB Group denies siphoning money to buy foreign properties.

18 April: Warrant issued for Mallya in money laundering case.

21 April: Mallya convicted in cheque bounce case. Non-bailable warrant issued.

3 May: Mallya resigns from Rajya Sabha.

16 May: Mallya tells UBHL board he has every intention to pay, but can’t come to India fearing arrest.

17 May: DRT orders JP Morgan Chase Bank (North America), New York not to disburse $40 million to Mallya.

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