# Business

Tribunal orders attachment of Mallya’s property for debt recovery

The Debt Recovery Tribunal (DRT) on Thursday ordered attachment and recovery of industrialist Vijay Mallya's properties for defaulting on bank…

IANS | Bengaluru | January 19, 2017 7:30 am

Tribunal orders attachment of Mallya’s property for debt recovery

The Debt Recovery Tribunal (DRT) on Thursday ordered attachment and recovery of industrialist Vijay Mallya's properties for defaulting on bank loans by his defunct Kingfisher Airlines Ltd.

The Bengaluru bench of the Tribunal said properties of Mallya and Kingfisher worth Rs.6,203 crore plus interest at 11.5 per cent from July 26, 2013 can be recovered by a consortium of banks led by State Bank of India (SBI).

"The Tribunal has allowed our petitions against Mallya's Kingfisher and issued an order to attach their properties for recovering the amount (Rs.6, 203 crore) with interest," counsel for the consortium told reporters here.

# Business

Rs 14,131.6 cr recovered from sale of Vijay Mallya’s assets: Sitharaman

The Finance Minister informed the Lok Sabha that the Enforcement Directorate (ED) has been successful in recovering assets from several high-profile economic offenders.

# Opinion

Presumed Guilty

Intolerance of economic crimes is not unique to India; Bernard Madoff the mastermind of the largest known Ponzi scheme, worth an estimated $18 billion, was sentenced by a US court to 150 years in prison, making people wonder if financial fraud was worse than violent crimes like rape and murder.

# Entertainment