A day after the Debt Recovery Tribunal (DRT) barred liquor baron Vijay Mallya from withdrawing 75 million US Dollar (over 500 crore rupees) exit payment from British liquor giant Diageo till the disposal of Kingfisher Airlines' loan default case, the Supreme Court on Tuesday agreed to hear on Wednesday a plea filed by public sector banks, seeking a direction to industrialist Vijay Mallya restraining him from leaving India.
Appearing for the banks, Attorney General Mukul Rohatgi mentioned the matter for urgent hearing.
"The plea has been moved by 17 banks, including State Bank of India, against United Breweries Group chairman Mallya whose various firms have taken loan from them," said Rohatgi, adding that the dues run into thousands of crores.
Allowing the SBI plea, DRT judge Benakanahalli also restrained Diageo from disbursing the amount to Mallya, who worked out the deal under a severance package.
As per reports, the tribunal ordered that the amount be attached till the disposal of the original application filed by the SBI in 2013.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app