Fugitive businessman Vijay Mallya, the owner of Kingfisher Airlines Ltd., and three other companies have been ordered to repay their complete debts. The total amount is Rs. 6,203 crores plus an interest of 11.5% on this amount.
The Bengaluru bench of the Debt Recovery Tribunal (DRT,) on Thursday passed this order. It was done after a total of 17 banks led by State Bank of India, filed an application of plea. The banks approached the tribunal after Vijay Mallya led and owned companies have not repaid any loans granted by them. In 2016 March, Vijay Mallya has fled to the United Kingdom after the banks decided to round off the total debts and confront the business tycoon.
K. Srinivasan, the presiding officer of the tribunal and his bench members passed an order that the interest on loan interest has to be paid from the date the banks have submitted an application to the tribunal.
