End of Good Times? ‘Stop Mallya from flying out of India’

NH Bureau Tuesday, 08 March 2016 11:57:39 AM

New Delhi : • Seems like the Good Times have ended for liquor barren Vijay Mallya as he has been retrained from accessing $75 million received from a deal.

• PSU banks have also urged Supreme Court to bar him from flying out of Indian borders.

• The Court is likely to hear the petition on Wednesday

• Mallya-run Kingfisher Airlines, which is not functional now, is under a debt of Rs 9400 crores

• He had earlier desired to move to Britain near his children

• DRT on Monday had halted $75 million settlement amount after he resigned as chairman of Diageo unit United Spirits

• DRT stands for Debt Recovery Tribunal

• Mr Mallya revealed that he is in talks with bank for one time settlement amount

• ED has also filed money laundering case against him

• He is alleged of sending Rs 900 crore abroad that he had borrowed from banks.

• The tribunal's decision is based on a petition by the State Bank of India or SBI, which is owed Rs 1,600 crore by Kingfisher.