King of ‘Good Times’ in trouble; SBI seeks Vijay Mallya’s arrest

| Friday, March 4, 2016 - 20:44
First Published |
Vijay Mallya

New Delhi: Waddling on a tightrope, it seems like trouble is still brewing for the former Forbes billionaire Vijay Mallya. The SBI (State Bank of India), to whom Mallya owes crores in loans, approached the Debt Recovery Tribunal (DRT) for Vijay Mallya's arrest.  
Vijay Mallya, who resigned as the owner of Kingfisher Airlines which is now in a dead recovery by the SBI, has been declared a wilful defaulter indebt to 17 lenders amounting to a total of Rs 7000 crore in loans. 
(Also Read: Mallya objects SBI's IA seeking his arrest in debt case
Citing that the Debt Recovery Tribunal was not the right forum for SBI to demand such actions, Mallya's lawyer said that the SBI did not give him a fair hearing before they declared him a wilful defaulter. The lawyer exclaimed that DRT was only for loan recovery and not for banks to seek arrest. 
Mallya has been accused of defaulting on Rs 7000 cr loan by the SBI. The business tycoon is indebted to 17 lenders. 
In the tribunal hearing, Vijay Mallya's lawyer said that he was not in Bengaluru but was in London. The objection to the SBI's approach which was raised by Mallya's assistant will avail technical immunities for him. 
The SBI has stated that Diageo should not release Mallya's money and that they should instead deposit the money in an escrow account run by the court. 

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