Bangalore: In further setback to Kingfisher Airlines (KFA), its owner Vijay Mallya and UBHL, the holding company, the Karnataka high court on Tuesday disposed of their petitions while refusing to interfere with the proceedings initiated before the Debt Recovery Tribunal (DRT), Bangalore by a consortium of banks.
The banks had sought a recovery certificate from the DRT under Recovery of Debt Due to Banks and Financial Institutions Act, 1993. A recovery certificate lists the debtor's assets, which can be sold by the lender to recover the dues.
Disposing of the petitions, Justice A S Bopanna, however, reserved liberty to the petitioners to approach the Debts Recovery Appellate Tribunal (DRAT), Chennai keeping open all their contentions.
The judge noted that it is not established at this stage as to whether there is inherent lack of jurisdiction to the DRT or there is a statutory bar and as such violation of statute.
Read News In full 05/02/14 Times of India
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