Setback for Vijay Mallya, DRT rules he can’t withdraw Diageo deal money

In a setback to UB Group promoter Vijay Mallya, the Debt Recovery Tribunal (DRT) on Monday ruled that he cannot withdraw $75-million payout he received from Diageo under a recent sweetheart deal.

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A Debt Recovery Tribunal in Bengaluru on Monday passed orders restraining British multi-national alcoholic beverages company Diageo Plc from paying Indian liquor baron Vijay Mallya a Rs 515 crore exit package to leave Diageo-owned United Spirits Limited.

The Debt Recovery Tribunal judge C R Benakanahalli passed the orders in an interim application filed by a consortium of 15 banks led by the State Bank of India against Mallya in a debt recovery case from 2013 where the banks are attempting to recover nearly Rs 6500 crore in loans given to Mallya’s failed airline venture Kingfisher Airlines Limited.

The banks attempting to recover bad loans granted to Kingfisher Airlines Limited include State Bank of India, Bank of India, Bank of Baroda, Central Bank of India, Corporation Bank, Axis Bank, Federa Bank, Indian Overseas Bank, Punjad National Bank, Punjab and Sind Bank, Jammu and Kashmir Bank, UCO Bank, United Bank of India, IDBI and the State Bank of Mysore.

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