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DRT To Issue Order On Vijay Mallya’s Loan

The Debt Recovery Tribunal (DRT) is likely to issue orders on Friday (March 4) over a plea by country’s largest lender, State Bank of India (SBI), seeking arrest of Vijay Mallya in a bid to recover loans to Kingfisher Airlines, which was promoted by the liquor baron. SBI also wants his passport impounded and a complete disclosure of his personal assets. The move comes after Mallya struck a $75-million deal with Diageo to exit United Spirits. He had also indicated that he was likely to relocate to the UK. The plea also maintains that SBI should have the first right of the funds from United Spirits as Mallya had stepped down from the company’s board.

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