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With 27 Interlocutory Applications (IAs) pending before the Debt Recovery Tribunal (DRT) Bengaluru in the SBI-led consortium of banks vs Kingfisher Airlines case, the tribunal’s Presiding Officer C R Benakanahalli on Tuesday advised counsel representing the banks to explore option of adjusting around ₹2,000 crore, deposited by Vijay Mallya’s companies on the orders of the Karnataka High Court.
“I sincerely suggest the consortium of banks to make a co-ordinated effort to recover around ₹2,000 crore deposited in high court and reduce their losses. If this can be done, then both sides will benefit,” he observed orally. Benakanahalli said that the bank consortium could have earned around ₹200-300 crore as interest from the recovered ₹2,000 crore.
Earlier, when the tribunal began hearing on the applications, counsel for Diageo, which had purchased USL from Mallya, the consortium of banks pleaded to take up IAs for hearing on a priority basis.
To hasten and clear the case and also to meet the Supreme Court deadline of July 9, Benakanahalli, sought co-operation of both the parties (banks and Kingfisher Airlines). Requesting the counsel to co-operate with the tribunal for early disposal as per the Supreme Court’s two-month deadline, the tribunal adjourned further hearing to June 13, while asking all the counsel to hold consultation in this regard prior to hearing.
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