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Industrialist Vijay Mallya and two of his companies: the Kingfisher Airlines Ltd (KAL) and the UB (Holdings) Ltd, cannot alienate or transfer their movable or immovable properties until the Debt Recovery Tribunal (DRT) disposes of the applications filed by the bankers seeking to recover payments due to them from KAL and its guarantors.
The Karnataka High Court has passed the order while confirming an interim order passed by it two months restraining ago temporarily restraining them from disposing their properties.
Justice A.S. Bopanna passed the order on the petitions filed by a consortium of 15 banks, led by the State Bank of India (SBI), questioning the delay on the part of DRT to take up for hearing their applications to protect their interest pending the process to recover dues from KAL and its guarantors.
The DRT may fix its own time frame for disposal of the applications, which shall be in an expeditious manner, the Court observed.
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