Bengaluru: The State Bank of India today pleaded before the Debt Recovery Tribunal here for granting recovery certificate to start the proceedings against liquor baron Vijay Mallya to recover debts from him in the alleged bank loan default case.
"We have not been able to trace the money (USD 40 million) which was transferred to Mallya by Diageo Plc and subsidiaries. Therefore, we request the honorable Tribunal to grant us recovery certificate to start proceedings against Mallya to recover our debts from him," SBI Counsel Nagananda said.
He made the plea while making a submission on its original application seeking recovery of debts from Mallya and his companies before DRT Presiding Officer C R Benakanahalli.
DRT had on March 7 passed an order stalling the USD 75 million transaction between Diageo Plc and its subsidiaries and Mallya.
29/06/16 New Indian Express
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"We have not been able to trace the money (USD 40 million) which was transferred to Mallya by Diageo Plc and subsidiaries. Therefore, we request the honorable Tribunal to grant us recovery certificate to start proceedings against Mallya to recover our debts from him," SBI Counsel Nagananda said.
He made the plea while making a submission on its original application seeking recovery of debts from Mallya and his companies before DRT Presiding Officer C R Benakanahalli.
DRT had on March 7 passed an order stalling the USD 75 million transaction between Diageo Plc and its subsidiaries and Mallya.
29/06/16 New Indian Express
