Banks get nod to take Mallya's shares, deposits against Rs 6203 cr loan

Debt Recovery Tribunal says Diageo knew risks of dealing with wilful defaulter

The Debt Recovery Tribunal (DRT) in Bengaluru has directed a consortium of banks, led by the State Bank of India, to begin recovery of Rs 6,203 crore from business tycoon Vijay Mallya and his four companies against unpaid loans taken to run the now-defunct Kingfisher Airlines.

The DRT Presiding Officer K Srinivasan directed the lenders to initiate proceedings to recover money from Kingfisher Airlines, United Breweries (Holdings), Kingfisher Finvest and Mallya himself, and levy interest of 11.5 per cent per annum on the dues since the application was filed by the banks. 

The order came after three years of hearings,