SC directs DRT to complete hearing on loan recovery against Vijay Mallya within 2 months

26 April, New Delhi

The Supreme Court Tuesday asked the Debt Recovery Tribunal in Bengaluru, to expedite the hearing on loan recovery suit against fugitive businessman Vijay Mallya within next two months.

Hearing on a petition filed by the consortium of banks led by SBI, the apex court directed Mallya to furnish the details of his and his family’s assets in India and abroad to the banks in a sealed cover.

The court found untenable the objections raised by the liquor baron, that the assets of his NRI wife and kids cannot be disclosed to the banks.

Yesterday, appearing for the central government, Attorney General Mukul Rohatgi had told the apex court that Mallya, who is in UK, has not complied with court’s order to indicate his date of return to India and appearance before the court.

He said, Mallya is a fugitive from justice in India. AG further said that Mallya was not even willing to disclose the amount he is likely to deposit to show his bonafides of settling dues with banks.

Earlier on Sunday, the ministry of External Affairs had revoked Mallya’s passport in order to bring him back into India. The businessman is facing legal proceedings for alleged default of loans worth over nine thousand crore rupees from various banks.

The Ethics Committee of Rajya Sabha yesterday decided to recommend expulsion of Vijay Mallya . However, the committee has given him one week to explain his position.

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