DRT directs bank not to disburse money in Mallya's favour

May 17, 2016 19:28

The Debt Recovery Tribunal on Tuesday directed JP Morgan Bank not to disburse the $40 million amount deposited by British liquor giant Diageo in favour of liquor baron Vijay Mallya.

The DRT also directed the bank to provide statement of transaction since February 25, 2016, till date. It also directed the bank to attach the shares held by Mallya in the companies.The court passed an ex-party order while hearing the petition that was filed by consortium of banks led by the State Bank of India seeking the same.

Diageo had on May 12 submitted the settlement agreement to the DRT. The DRT in early March barred Mallya from accessing the $75 million (Rs 515 crore) exit payment from Diageo till the loan default case with the SBI is settled. The DRT, allowing an SBI plea, restrained Diageo from disbursing the money.

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