 "Vijay Mallya waves in the paddock during the third practice session of the Indian F1 Grand Prix at the Buddh International Circuit in Greater Noida, on the outskirts of New Delhi")
The Debt Recovery Tribunal (DRT) will on Monday pass orders on the State Bank of India (SBI)’s application seeking the lenders’ first right on the $75-million payout from Diageo to UB Group promoter Vijay Mallya under a recent sweetheart deal.
DRT had reserved its order after hearing the submissions made by both parties — bankers and Mallya — on March 4. George Joseph, a counsel for bankers, said orders will be passed on Monday.
SBI had filed three other applications, including one seeking Mallya's arrest and impounding of his passport, as the bank approached DRT seeking action against him for defaulting on loans. SBI, which leads the consortium of 17 banks that lent money to the grounded Kingfisher Airlines, had moved DRT here against Mallya to recover over Rs 7,000 crore of dues from him.
