Diageo submits Vijay Mallya's settlement deal to debt recovery tribunal

In what could further tighten Vijay Mallya's position, Diageo has submitted the settlement agreement to debt recovery tribunal (DRT).

Last Updated: May 12, 2016, 12:03 PM IST
Diageo submits Vijay Mallya's settlement deal to debt recovery tribunal

Zee Media Bureau

New Delhi: In what could further tighten Vijay Mallya's position, Diageo has submitted the settlement agreement to debt recovery tribunal (DRT).

DRT in early March barred Mallya from accessing the $75 million (Rs 515 crore) exit payment from Diageo till the loan default case with State Bank of India is settled.

The DRT, allowing an SBI plea, restrained Diageo from disbursing the money.

The SBI had sought DRT’s intervention in seeking the lenders’ first right on the $75-million payout from Diageo to Mallya as part of deal in February.