Entertainment » OtherPosted at: Jun 7 2016 5:20PM Lack of coordination among banks delaying Mallya case: DRTBengaluru, Jun 7 (UNI) The Debt Recovery Tribunal (DRT) today blamed the Consortium of Banks led by the State Bank of India of lack of coordination leading to delay in deciding the case against liquor baron Vijay Mallya over defaulting of loans advanced to the defunct Kingfisher Airlines DRT presiding officer C R Benakanahalli, hearing the case said this had resulted in DRT not getting attached the severance deal amount of USD 75 million between Mr Mallya and Diageo Plc. The DRT had on March 7 barred Mallya from receiving USD 75 Million from Diageo and its subsidiaries as per the sweetheart deal reached between them. The global liquor major had bought majority stakes of United Sprits Ltd from Mr Mallya and as a severance deal to make him quit as its President, had offered to pay USD 75 million. The banks had staked claim on the amount and petitioned DRT to attach the amount saying that the Mr Mallya leading Kingfisher Airlines had defaulted bank loans and interest to the tune of Rs 9000 crore. The DRT also suggested to the banks not to expand the scope of Original Application by filing too many interlocutory applications, for it would delay the process of justice, while he has to adhere to the Supreme Court deadline of the first week of July. There are 27 Interlocutory applictions pending before the Tribunal at present. Diageo Plc earlier today filed a memo seeking inclusion of an Interlocutory which was not included earlier. As soon as the DRT began the proceeding today, defendants Diageo (Holdings) Netherlands and consortium of banks led by SBI pleaded to take their respective Interlocutory Applications for hearing on priority basis. Diageo (Holdings) Netherlands argued that their Interlocutory Application must be heard first as it relates to the pledging of 26 lakh equity shares of USL to the lenders, who had sought proof of evidence from the banks incurring losses to the company by selling the shares at cheaper rate. To this, DRT Presiding Officer said the banks should sit and sort out the issue. Mr Benakanahalli also advised consortium of banks to make coordinated efforts among themselves to secure around Rs 2000 crore parked in various courts across India and reduce the losses incurred by them. "I sincerely suggest consortium of banks led by SBI to make a coordinated efforts to recover around Rs 2000 crore parked in various courts and reduce the losses to the tune of over Rs 9000 crore incurred by banks", he observed. Benakanahalli also said that the consortium of banks could have earned Rs 200 to Rs 300 crore as interest from the recovered Rs 2,000 crore, he said. The next hearing is on June 13. UNI RS CNR KVV ADB1722Tags: #Lack of coordination among banks delaying Mallya case: DRT