Vijay Mallya's company pays back Rs 3,000 crore?

news | Saturday, May 5th, 2018
Roshini Jacob
Highlights

A stay order from the High Court by the Debt Recovery Appellate Tribunal ( DRAT) was issued to  Industrialist Vijay Mallya owned King Fisher Airlines Company, which had borrowed a total of Rs 3000 crore, on Wednesday.

 

A stay order from the High Court by the Debt Recovery Appellate Tribunal ( DRAT) was issued to  Industrialist Vijay Mallya owned King Fisher Airlines Company, which had borrowed a total of Rs 3000 crore, on Wednesday.

The DRAT order by Kingfisher Pinwest organization’s appeal was investigated by judge B. Veerappa and  judge Sunildutt Yadav after which the High Court issued this interim order. Accordingly the notice was issued to 21 defendants including SBI.

Mallya has not returned the 6000 crores loan yet, against which the banks approached DRT in 2013. Mallya was ordered to pay back the money with an annual interest of 11.5% by the loan recovery judge on Jan 19, 2017. Questioning this King Fisher had approached DRAT. However, to appeal for investigation, DRAT ordered for a 50% deposit.

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