Drt

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Vijay Mallya says disappointed with UK court decision, to continue legal battle against extradition
Business

Vijay Mallya says disappointed with UK court decision, to continue legal battle against extradition

Mallya's legal team had claimed that the loan defaults by KFA were the result of wider issues faced by the aviation industry at the time.

NCLAT directs Vikram Bakshi to file affidavit within a week on amount received from McDonald's for his shares
Business

NCLAT directs Vikram Bakshi to file affidavit within a week on amount received from McDonald's for his shares

Bakshi and McDonald's India Pvt. Ltd had approached the NCLAT to withdraw cases filed against each other for management control of Connaught Plaza Restaurants Pvt Ltd.

DRT directs Nirav Modi, aides to pay over Rs 7,200 cr to PNB and others, recovery officials to initiate further action
Business

DRT directs Nirav Modi, aides to pay over Rs 7,200 cr to PNB and others, recovery officials to initiate further action

In another order in the suit filed by the consortium of banks, the presiding officer directed Modi and others to pay Rs 232 crore to the applicant banks with the 16.20 percent interest from 27 July, 2018.

NCLAT gives 4 weeks to Vikram Bakshi to settle dispute with HUDCO, says last chance to resolve issues
Business

NCLAT gives 4 weeks to Vikram Bakshi to settle dispute with HUDCO, says last chance to resolve issues

Both McDonald's and Bakshi had moved to withdraw cases filed against each other before the NCLAT to settle their dispute, which was then opposed by HUDCO claiming dues of Rs 195 crore on Bakshi.

Debt Recovery Tribunal asks estranged partner Vikram Bakshi, McDonald's India to appear before it
Business

Debt Recovery Tribunal asks estranged partner Vikram Bakshi, McDonald's India to appear before it

Earlier this month, McDonald's reached an out-of-court settlement with Bakshi, buying out Connaught Plaza Restaurants from the joint venture

Amrapali Group committed first degree crime by cheating home buyers, will be booked and prosecuted, says Supreme Court
Business

Amrapali Group committed first degree crime by cheating home buyers, will be booked and prosecuted, says Supreme Court

Amrapali Group "cheated everybody including home buyers, banks and authorities and indulged in cartelization to prevent the Debt Recovery Tribunal from auctioning its unencumbered properties", SC said.

'Damned if you do and damned if you don't is how I am treated,' says Vijay Mallya after sale of 74 lakh shares by debt recovery tribunal
Business

'Damned if you do and damned if you don't is how I am treated,' says Vijay Mallya after sale of 74 lakh shares by debt recovery tribunal

The ED had attached these shares under the Prevention of Money Laundering Act (PMLA) to ensure that they were not "alienated" or sold by Mallya

Sale of Vijay Mallya's 74 lakh shares in UBHL fetches Rs 1,008 crore; more stake sell-off to follow soon: ED
Business

Sale of Vijay Mallya's 74 lakh shares in UBHL fetches Rs 1,008 crore; more stake sell-off to follow soon: ED

Subsequently, the ED said, the recovery officer of the DRT, Bangalore published a notice early this month for the sale of a total of 74,04,932 shares of UBHL.

Monetary limit for filing cases in Debt Recovery Tribunals doubled to Rs 20 lakh, says govt
Business

Monetary limit for filing cases in Debt Recovery Tribunals doubled to Rs 20 lakh, says govt

The move is aimed at helping reduce pendency of cases in Debt Recovery Tribunals (DRTs).

Malvinder Singh asked to deposit 3.5 mn Singapore dollars, 'disobeyed orders' says Delhi HC
Business

Malvinder Singh asked to deposit 3.5 mn Singapore dollars, 'disobeyed orders' says Delhi HC

The court’s order came after it was informed by the counsel for Malvinder, who was present in the court, that his 45 lakh equity shares in Religare Healthcare Pvt Ltd were sold in Singapore in April.

UK court orders Vijay Mallya to pay 200,000 pounds in costs to Indian banks trying to recover dues
Business

UK court orders Vijay Mallya to pay 200,000 pounds in costs to Indian banks trying to recover dues

Separately, Vijay Mallya is due back at the Westminster Magistrates Court in London next month for one of the final hearings in his extradition case.

UK court highlights grounds to regard Vijay Mallya as 'fugitive from justice', remains unconvinced by liquor baron's NRI claim
Business

UK court highlights grounds to regard Vijay Mallya as 'fugitive from justice', remains unconvinced by liquor baron's NRI claim

Vijay Mallya, who remains on bail since his arrest on an extradition warrant in April last year, will return for the last leg of his ongoing extradition trial at Westminster Magistrates' Court in London on 11 July, after which the court is expected to set a timeline for judgment in that case.

UK court ruling: Vijay Mallya's assets in England, Wales may go under hammer to recover money owed to Indian banks
Business

UK court ruling: Vijay Mallya's assets in England, Wales may go under hammer to recover money owed to Indian banks

Judge Andrew Henshaw refused to overturn a worldwide order freezing 62-year-old Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion

Vijay Mallya case: London Court’s ruling in favour of Indian banks sends strong signal to global crooks
Business

Vijay Mallya case: London Court’s ruling in favour of Indian banks sends strong signal to global crooks

Vijay Mallya thought he would be comfortably ensconced in his London outskirt home thumbing his nose at the clutch of Indian banks nursing unrecovered loans of close to Rs 10,000 crore together with interest.

DRT orders: While Nirav Modis, Mehul Choksis escape net, people like Nirmala Prakash stand to lose their homes
Business

DRT orders: While Nirav Modis, Mehul Choksis escape net, people like Nirmala Prakash stand to lose their homes

Post-Nirav Modi scam, DRT is flooded with cases for adjudication and recovery by banks but a senior officer said on the condition of anonymity that the majority of big cases involving huge sums of money are being settled as per the whims and fancies of bank officials and big borrowers.

Vijay Mallya $1.5 bn assets freeze order in UK courts until April 2018
Business

Vijay Mallya $1.5 bn assets freeze order in UK courts until April 2018

Vijay Mallya, who is undergoing an extradition trial in a UK court over Rs 9,000-crore fraud and money laundering charges, will face next year a parallel litigation brought by 13 Indian banks to freeze nearly $1.5 billion of his assets

DRT verdict against Mallya: SBI-led consortium gets orders to initiate recovery of Rs 6,203 cr dues
Business

DRT verdict against Mallya: SBI-led consortium gets orders to initiate recovery of Rs 6,203 cr dues

The fresh order today in favour of the lending cosortium will allow them to initiate the recovery proceedings and confiscate his properties

Vijay Mallya case: Debt Recovery Tribunal raps banks for casual approach
Business

Vijay Mallya case: Debt Recovery Tribunal raps banks for casual approach

Terming GoAir and Indigo as "innocent" third parties, the Debt Recovery Tribunal has rapped banks for filing interim applications in a "casual and routine manner" to make them party to the Vijay Mallya case.

Vijay Mallya case: DRT says order restricting $75 mn transfer 'infructuous'
Business

Vijay Mallya case: DRT says order restricting $75 mn transfer 'infructuous'

The Service Tax Department as part of the original application is seeking recovery of over Rs 1,000 crore debt from Vijay Mallya and his subsidiary companies.