SBI seeks Mallya's arrest over unpaid debts

March 03, 2016 10:59

Top state-run lender State Bank of India has sought arrest of Vijay Mallya, and also impounding of his passport, as the bank approached Debt Recovery Tribunal seeking action against the UB Group promoter for defaulting on loans.

SBI, that heads the consortium of 17 lenders to the grounded Kingfisher Airlines, moved the Debt Recovery Tribunal in Bengaluru against the airline's chairman Mallya in its bid to recover over Rs 7,000-crore dud loans from him.

According to sources, SBI has moved four applications at the DRT in Bengaluru, seeking impounding Mallya's passport, getting him arrested, securing the lenders' first right on the payout from Diageo and getting full disclosure of his assets in the country and abroad.

The immediate objective of the lenders moving the DRT is to secure a first right on the $75-million severance package that Mallya will be getting for quitting Diageo-owned United Spirits as its chairman last week.

An SBI official confirmed to PTI that they have moved the DRT seeking right on $75 million severance package, as the borrower Mallya who has already been declared by the bank a wilful defaulter, has decided to leave the country and settle down in London.

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