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The Bengaluru Debt Recovery Tribunal (DRT) on Thursday postponed the hearing on former liquor baron Vijay Mallya’s case to April 29 after UK-based liquor major Diageo plc filed its objections with regard to payout of $40 million to him.
The consortium lead bank, State Bank of India had placed a claim on the payout of $40 million to Mallya by Diageo as part of an agreement. As per the agreement, Mallya was asked to step down from the United Spirits’ chairman’s post and in lieu of that, Diageo agreed to pay him $75 million in five instalments. An amount of $40 million was paid immediately after Mallya stepped down from the post of chairman.
Counsel for SBI wanted Diageo to deposit $40 million with the DRT, Bengaluru. Diageo plc counsel, however, filed objections to the claim on Thursday.
SBI had also sought deposit of the amount from the sale of Mallya’s aircraft by the Sales Tax Department. The aircraft is expected to go on sale on May 12 and May 13. Counsel wanted the money from the sale of the aircraft to be deposited with the DRT, Bengaluru.
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