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New Delhi, Feb 3 () US fast food chain McDonald's has selected MMG Group chairman Sanjeev Agrawal as its new partner to operate its outlets in north and east India, the company said.
 The development comes almost nine months after McDonald's bought estranged partner Vikram Bakshi's 50 per cent stake in Connaught Plaza Restaurants Ltd (CPRL), a joint venture, which has the licence to run its restaurants in north and east India.
 A McDonald's spokesperson said Agarwal is the new partner of the company for the two markets.
 "Agrawal has a strong understanding and passion for the McDonald's brand, insights into the local market, and a proven track record of driving quality and innovation in the food and beverage and hospitality industries," said McDonald's Asia Director Corporate Relations Barry Sum.
 Agrawal (55) is the group Chairman of MMG Group, which has interests in bottling and marketing of soft drinks, oil and gas, hospitality, among others.
 MMG Group also controls Moon Beverages, which is among the key bottlers for American beverage maker Coca-Cola in north India from 1994 and is manufacturing and distribution of Coca Cola, Limca, Sprit, Maaza, Thums UP, Fanta, Minute Maid, Coke Zero &amp; Kinley.
 Sum added that Agrawal is the right strategic partner for McDonald's to grow its brand presence in north and east India.
 McDonald's, however, has not share the terms and condition of the agreement. 
 Agarwal could not be contacted till filing of the story.
 The company also refrained to comment on the ongoing matter between McDonald's and its former JV partner Vikram Bakshi before the National Company Law Appellate Tribunal (NCLAT), where state-run HUDCO has opposed sale/transfer of share by Bakshi to the fast food chain after settlement.
 "McDonald's remains a shareholder of CPRL, and continues to hold the shares that were acquired from Vikram Bakshi and his holding company in CPRL," said Sum, adding that Robert Hunghanfoo continues to head CPRL.
 In May last year, McDonald's had announced an out-of-court settlement agreeing to buy Bakshi's stake in their joint venture.
 The details of the pact, including financial terms, were not disclosed.
 They has approached the National Company Law Appellate Tribunal, to withdraw the suits, filed against each other, however, it was opposed by the state run Housing and Urban Development Corporation (HUDCO).
 HUDCO, which is claiming dues of Rs 194.98 crore from Bakshi and his related entities, in its intervention plea filed before the NCLAT, informed that notices regarding orders of the debt recovery tribunal (DRT) was already served to both the partner.
 HUDCO had contended that the said settlement is against the interim order passed by the DRT in a case pending against Vikram Bakshi.
 In September 2019, NCLAT had said it would review the settlement between fast food major McDonald's and its Indian partner Vikram Bakshi over the sale of his shares in Connaught Plaza Restaurants Ltd (CPRL).
 NCLAT had said the settlement reached between McDonald's and Bakshi was prima facie in violation of a DRT order. KRH ANS
ANS
ANS

McDonald's selects Sanjeev Agrawal as new partner for north, east India markets

<ul><li>It’s been three years since the Insolvency and <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">Bankruptcy</keyword> Code (<keyword id="192838" type="ORGANIZATION" weightage="20" keywordseo="IBC">IBC</keyword>) was implemented, and while progress hasn’t been as swift as expected, the results so far are still formidable. </li><li>Nearly ₹700 billion of recoveries took place in 2018-19, according to a report by <keyword id="6359483" type="COMPANY" weightage="20" keywordseo="Crisil">CRISIL</keyword>. This was twice as much as the ₹355 billion that was recovered in 2017-18 through other debt recovery schemes such as Debt Recovery Tribunal (DRT) and the SARFAESI Act. </li><li>However, the average resolution time for a case stood at 324 days, well over the maximum amount of 270 days as stipulated in the code.</li></ul> It’s been three years since the Insolvency and Bankruptcy Code (IBC) was implemented, and while progress hasn’t been as swift as expected, the results so far are still formidable. Nearly ₹700 billion of recoveries took place in 2018-19, according to a report by CRISIL. This was twice as much as the ₹355 billion that was recovered in 2017-18 through other government debt recovery schemes such as Debt Recovery Tribunal (DRT) and the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act. In fact, the recovery rate for 94 cases in 2018-19 was 43% and recoveries were twice as much as the overall liquidation value for assets in said cases, according to CRISIL’s President, Gurpreet Chhatwal. In comparison, the other schemes had a recovery rate of 25.2%. As a result, the build up in India’s <keyword id="142154" type="PERSON" weightage="20" keywordseo="bad-loans">bad loans</keyword> has decelerated in the recent past. CRISIL pegged the bad loan ratio at Indian banks at around 10% by the end of March 2019, compared with 11.5% at the end of March 2018. However, the report wasn’t all cheers and hurrays. CRISIL found that the average resolution time for a case stood at 324 days, well over the maximum amount of 270 days as stipulated in the code. Moreover, there are still 1,143 cases pending resolution, a third of which have been on the backburner for longer than nine months. This is likely because the <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT), the judicial authority to facilitate resolution proceedings, does not have <a href="https://www.businessinsider.in/sc-slams-govt-for-lack-of-staff-at-nclt/articleshow/68594331.cms">sufficient resources</a>. In March, India’s Supreme Court had criticised the government for inadequate staffing and delays in hiring at the NCLT. This was corroborated by <a href="https://www.moneylife.in/article/the-ibc-is-going-the-way-of-previous-failed-laws-on-bad-loan/57121.html">a report</a> by MoneyLife, which found that banks were searching for other resolution options owing to the long delays and extensive litigation under the IBC. That being said, the IBC has had its fair share of champions among India’s corporate world as well as its politicians. In <a href="https://www.facebook.com/notes/arun-jaitley/two-years-of-insolvency-and-bankruptcy-code-ibc/938314493023766/">a post</a> titled, “Two years of insolvency and Bankruptcy Code (IBC),” in early January, Arun <keyword id="6390789" type="PERSON" weightage="20" keywordseo="jaitley">Jaitley</keyword> said that as much as ₹800 billion worth of funds had been recovered following the resolution of 66 cases by the NCLT. Looking ahead to the current financial year, Jaitley expected around ₹700 billion of additional recoveries to take place. SEE ALSO: <a href="https://www.businessinsider.in/indias-finance-minister-touts-the-success-of-the-countrys-recently-implemented-bankruptcy-code-but-it-still-requires-significant-improvement/articleshow/67382165.cms">India’s finance minister touts the success of the country’s recently-implemented bankruptcy code — but it still requires significant improvement</a> <a href="https://www.businessinsider.in/sc-slams-govt-for-lack-of-staff-at-nclt/articleshow/68594331.cms">India's Supreme Court slams the government for leaving the country's bankruptcy court short-staffed</a>

Indian banks are recovering over 1.5 times as much money under the bankruptcy code —  but it's still painfully slow

New Delhi, Mar 22 () A consortium of lenders led by State Bank of India (SBI) will add about Rs 770 crore to their bottomlines during the fourth quarter following the exit of Jindal Stainless Ltd (JSL) from the Corporate Debt Restructuring (CDR) framework. SBI, the lead banker, will get Rs 300 crore from the resolution of this account, sources said. Punjab National Bank (PNB) will write back about Rs 100 crore from this, sources said, adding that other lenders like Bank of Baroda and Canara Bank too will be able to show cash recovery from this account. All the lenders will recover a total of Rs 770 crore from this account during the last quarter which is considered difficult due to outbreak of coronavirus. This will add to the profitability of banks in the current quarter and should help in absorbing the new provisions made during this year, sources added. The case of JSL was referred to the CDR framework in 2009 when the Insolvency and Bankruptcy Code (IBC) did not exist. Earlier this month, JSL announced its exit from CDR framework. The company received a letter from the consortium of CDR lenders to this effect on March 4. "Pursuant to this, existing CDR lenders have realised the full recompense of about Rs 275 crore in cash, which will add to their income in the current fiscal itself. "Additionally, JSL has fully redeemed the outstanding Optionally Convertible Redeemable Preference Shares (OCRPS), which were issued to the lenders in June 2017, and has paid around Rs 558 crore, taking the aggregate realisation of lenders to around Rs 833 crore," the company had said in a statement. Earlier, the promoter group entity had infused equity and subsequently JSL issued Non-convertible Debentures (NCDs) worth Rs 400 crore to Kotak Special Situations Fund (KSSF) and the fund mobilised assisted JSL in redeeming the OCRPS. "KSSF has also acquired approximately 5 per cent equity stake in JSL through the secondary market, which demonstrates increased investors' confidence in the company's operations and growth outlook," it had said. The CDR framework came into existence in 2001 with the objective to restructure corporate debt outside the purview of debt recovery tribunals (DRT) and the Board for Industrial and Financial Reconstruction. DP MRMR

SBI to add Rs 300 cr to bottomline in Q4 with JSL exit from CDR framework

Winters are all about warmth, comfort and enjoying hot drinks snuggled up in cozy blankets. And this winter season, you can drink warm water with ease and without getting out of your blanket. Keep your water warm for a long period in <keyword id="10454408" type="UNKNOWN" weightage="20" keywordseo="water-jugs">water jugs</keyword>, which allow you to keep your water and other beverages hot for hours. Here is a list of some great options: <bulletContentEmbed name="B07798QM1D" columns="1"><bulletContentHeading name="B07798QM1D_head"><div type="image" title="Top Pick" msid="79792990" hostid="261"></div></columnHeadThumb>B07798QM1D</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B07798QM1D_body"><bulletContentRow name="B07798QM1D_0834174750742018"><bulletContentRowHeading><bulletContentRowHead col="1">Kitchoff Automatic Stainless Steel Electric Kettle, (Kl2, Black)</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">The Kitchoff kettle is made up of stainless steel with rubber protection. The kettle has an automatic turn off system which makes it very easy to use. Along with being extremely convenient to use, this kettle has an ergonomic handle and a very elegant body. The kettle is safe to use. You can use it at multiple places such as your home, office, on a getaway etc.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B07798QM1D_1827259939739355"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Easy to clean electric kettle.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B07RDZLM15" columns="1"><bulletContentHeading name="B07RDZLM15_head"><div type="image" title="Editor&amp;#39;s Pick" msid="79793042" hostid="261"></div></columnHeadThumb>B07RDZLM15</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B07RDZLM15_body"><bulletContentRow name="B07RDZLM15_1569539726589060"><bulletContentRowHeading><bulletContentRowHead col="1">Wonder Vishal Plastic Water Jug, 1 Pc, 2 Ltrs, Cream Color with Attractive Brown Print, Made in India, KBS01185</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Made from good quality material, the Wonder Vishal water jug is a must have product for your homes and offices. With a capacity of 2 litres, it can be used to store different drinks, keeping them hot or cold for a longer period of time. You can also adjust the flow of your drinks or beverages by rotating the lid of the jug.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B07RDZLM15_8842380744843433"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">100% food grade &amp; BPA free.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B07RF87W3L" columns="1"><bulletContentHeading name="B07RF87W3L_head"><div type="image" title="Popular Pick" msid="79793143" hostid="261"></div></columnHeadThumb>B07RF87W3L</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B07RF87W3L_body"><bulletContentRow name="B07RF87W3L_5663075442980963"><bulletContentRowHeading><bulletContentRowHead col="1">Milton Kool Seal 7 Insulated Water Jug 6 Ltrs, 1 pc, Purple</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">The Milton Kool Seal water jug comes with an elegant design. 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The capacity of the jug is 6 litres, which makes it a great option for gatherings and parties as well.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B07RF87W3L_1240805268417893"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">The jug is very easy to clean due to its wide design.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B00F2G8MQ6" columns="1"><bulletContentHeading name="B00F2G8MQ6_head"><div type="image" title="Must Have" msid="79793469" hostid="261"></div></columnHeadThumb>B00F2G8MQ6</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B00F2G8MQ6_body"><bulletContentRow name="B00F2G8MQ6_9505830189692625"><bulletContentRowHeading><bulletContentRowHead col="1">Milton Viva Tuff Insulated Water Jug, 1L (Brown)</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">The Milton Viva water jug comes in a unique design and beautiful colours.The jug is insulated and keeps your beverages/water/drinks hot or cold upto 2 to 3 hours. The jug is made up of stainless steel and has a capacity of 1 litre. Best suited for homes and offices, this jug has a great quality and is a must have product.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B00F2G8MQ6_5069063428459527"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Sturdy and stylish water jug.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B07DFKC22K" columns="1"><bulletContentHeading name="B07DFKC22K_head"><div type="image" title="Also Consider" msid="79793518" hostid="261"></div></columnHeadThumb>B07DFKC22K</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B07DFKC22K_body"><bulletContentRow name="B07DFKC22K_4032662771312696"><bulletContentRowHeading><bulletContentRowHead col="1">Borosil Stainless Steel Teapot- Vacuum Insulated, Silver, 1L</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Made up of stainless steel, this leak proof teapot jug from Borosil has a capacity of 1 litre. The jug has double wall insulation and keeps the water and other beverages hot or cold for upto 24 hours. It has a very elegant design and looks extremely good when kept in your kitchen, bedroom or office.</bulletContentRowCell></bulletContentRowBody></bulletContentRow><bulletContentRow name="B07DFKC22K_6678730875586373"><bulletContentRowHeading><bulletContentRowHead col="1"></bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">Rust free and easy to use.</bulletContentRowCell></bulletContentRowBody></bulletContentRow></bulleteContentBody></bulletContentEmbed> <bulletContentEmbed name="B071DRT21K" columns="1"><bulletContentHeading name="B071DRT21K_head"><div type="image" title="Best Alternative" msid="79793579" hostid="261"></div></columnHeadThumb>B071DRT21K</columnHeadTitle></columnHead></bulletContentHeading><bulleteContentBody name="B071DRT21K_body"><bulletContentRow name="B071DRT21K_9665652922345960"><bulletContentRowHeading><bulletContentRowHead col="1">Cello Kool Star Plastic Insulated Water Jug, 15 litres, Orange</bulletContentRowHead></bulletContentRowHeading><bulletContentRowBody><bulletContentRowCell col="1">This water jug from the house of Cello is a huge water jug with a capacity of 15 litres. 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Water jugs for hot water

A consortium of 17 banks, led by State Bank of India, has slapped a contempt case against liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, his grounded airline <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> and United Breweries Holdings Limited (<keyword id="6656246" type="COMPANY" weightage="100" keywordseo="UBHL">UBHL</keyword>). In the petition that they have filed in the Karnataka High Court, they have alleged violation of an oral undertaking that he had given to the Debt Recovery Tribunal (DRT). 
 
“We have filed a contempt application in the High Court against Kingfisher Airlines, United Breweries Holdings Limited (UBHL) and Dr Vijay Mallya for violating an undertaking given before DRT…,” PTI quoted N Chintan Chinappa, counsel for consortium of banks as saying. 
 
Chinappa argued in the court that “an undertaking was given before the DRT that neither would the unencumbered assets be alienated nor dealt with, but Mallya went ahead and created pledges in violation.” The High Court then issued a contempt notice against Mallya. 
 
In total, all the banks had lent more than Rs 7,000 crore to Kingfisher Airlines, which has been grounded for long.

More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>Texas Land Commissioner George P. Bush (R), the son of likely presidential candidate and former Florida Gov. Jeb Bush (R), is locked in a fierce battle over the Alamo - and the right to manage its enormous library collection.The site of the famed military battle has become a contentious legal issue as its current caretakers, the Daughters of the Republic of Texas (DRT), <a href="https://www.texastribune.org/2015/03/23/daughters-republic-texas-sues-land-office/">launched a lawsuit last month</a> to try and maintain control of the location."Bush is illegally trying to seize a 38,000-piece collection of Alamo memorabilia the Daughters of the Republic of Texas collected over a century, the Daughters claim in court," Courthouse News Service <a href="http://www.courthousenews.com/2015/04/06/daughters-of-the-republic-of-texas-take-a-stand-against-geo-p-bush.htm">reported Monday</a>. "Adding outrage to insult, the Daughters of the Republic say, Bush warned them that San Antonio police would institute 'special patrols' around the Daughters' library and museum, 'apparently believing the DRT would attempt to remove its Library Collection to another location.'" In a <a href="http://www.glo.texas.gov/glo_news/press_releases/2015/march/the-alamo.html">March 12 news release</a>, George P. Bush announced his office had "move in a new direction" and end the Daughters' contract. Bush's statement was vague but suggested the Daughters were not up to the task of managing the site's "operational needs.""The Alamo has always had the same owner - the people of Texas," Bush said. "And so to meet the ever-increasing operational needs of the Alamo, the GLO has determined to change its day to day management from the DRT and move in a new direction. Together we will create a bigger, brighter future for this Texas shrine."<div class="KonaFilter image-container float_right"><div class="image on-image"></div></div>According <a href="http://tpr.org/post/new-battle-over-alamo">to Texas Public Radio</a>, the Daughters have managed the Alamo for more than 100 years. However, the outlet reported that "in recent years the non-profit heritage organization has come under fire for problems with preserving the Spanish mission that was built in 1744 and became a battleground for Texas independence in 1836." Accordingly the GLO said it "will now launch a nationwide search for a company to manage the Alamo."However, the Daughters believe Bush's move here was illegal."In alarming fashion, the defendants have now unilaterally declared that Texas is the rightful owner of the DRT's Library Collection," the Daughters said in their complaint, according to Courthouse News Service. "This attempt by the defendants to illegally claim ownership of the DRT's Library Collection is an unconstitutional taking by the state of private property."The San Antonio Current said the issue "could be the first real public controversy for rising GOP star George P. Bush, son of likely presidential candidate Jeb Bush who took over as Texas land commissioner last year. " Jeb Bush is also the brother of former President George W. Bush and the son of former President George. H.W. Bush.Bush's office didn't respond to a request for comment from Business Insider on Monday. They've previously <a href="https://www.texastribune.org/2015/03/23/daughters-republic-texas-sues-land-office/">declined to comment</a> on the lawsuit. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/barack-obama-morning-routine-reggie-love-aide-president-2015-3">Here's how President Obama starts every morning</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9weDl1czrZHZflgF7tKxKEBGnOyKlnZO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Jeb Bush's son is fighting over the Alamo

Over 13 banks including the <a href="http://www.businessinsider.in/searchresult.cms?query=State+Bank+of+India">State Bank of India</a> approached the <a href="http://www.businessinsider.in/searchresult.cms?query=Supreme+Court">Supreme Court</a> on Tuesday to prevent <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay Mallya</a>, once called India’s <a href="http://www.businessinsider.in/searchresult.cms?query=Richard+Branson">Richard Branson</a>, from fleeing the country. 
 
However, <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> seems to have left a few days ago. Oops, too little too late. Catch him if you can! 
 This is a day after the <keyword id="44647" type="ORGANIZATION" weightage="100" keywordseo="debt">Debt</keyword> Recovery Tribunal (DRT) restrained <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> from blowing the Rs. 515 Crores <a href="http://www.businessinsider.in/searchresult.cms?query=Diageo">Diageo</a> paid him. This was in the hope he’ll pay that money to the banks. The banks wanted DRT to freeze <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>'s passport and issuance an arrest warrant to hold him back. The banks didn’t want him to leave as they claim he still owns them over Rs. 9,000 Crores. 
 
This is after <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a> recently said he wanted to settle in London. So where did he leave for? No one knows. <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Mallya</a>'s spokesperson claims she has no information about his whereabouts. He was apparently only communicating through e-mail. A man vanished, like fart in the wind. Cue gif! 
 
The petitioner banks approached the Karnataka High Court but didn’t get any interim order. They grudgingly say the HC failed to protect their interest. The list includes <a href="http://www.businessinsider.in/searchresult.cms?query=State+Bank+of+India">SBI</a>, Bank of Baroda, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India, Indian Overseas Bank, Punjab and Sind Bank, Axis Bank, Bank of Baroda, Corporation Bank, Federal Bank and IDBI Bank. 
 
Now they're trying to get him to return. #GharWapsi with a twist, eh? 
 
<a href="http://media.indiatimes.in/media/content/2015/Dec/mal1_1450344577.jpg">Image Source</a>

Vijay
Mallya - the escapee who didn't escape, apparently

India’s liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been in a good <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms">few controversies</a> in the recent past, and being <a href="http://www.businessinsider.in/PNB-not-the-only-bank-to-declare-me-a-defaulter-will-do-what-I-have-to-do-Mallya/articleshow/51054600.cms">declared as a wilful defaulter by Punjab National Bank</a> and <a href="http://www.businessinsider.in/United-Bank-Of-India-First-Bank-To-Declare-KFA-And-Vijay-Mallya-As-Wilful-Defaulter/articleshow/41419364.cms">United Bank of India</a> might just be one of them. 
 However, <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword>, country's largest lender, has decided to deal with him hands on. <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> has reportedly approached the Debt Recovery Tribunal (DRT) seeking the arrest of Vijay Mallya so that <a href="http://www.businessinsider.in/SBI-Sends-Letter-to-Kingfisher-Airlines-May-declare-Vijay-Mallya-As-A-Wilful-Defaulter-Soon/articleshow/41707004.cms">loans to Kingfisher Airlines</a>, which was once promoted by the liquor baron can be recovered. 
 
Not only an arrest, SBI also wants his passport to be impounded and a complete disclosure of his personal assets. The move has come after Mallya struck a $75-million deal with Diageo to exit United Spirits and relocate to the UK. 
 
The CBI has charged on lenders for not taking timely action against the defaulter, which helped the company "divert funds and destroy evidence". 
 "Despite our repeated requests, the banks did not file a complaint with the CBI. We had to register the case on our own." Regretting that only "one among the 17 lenders" had declared Kingfisher a "wilful defaulter", CBI Director <keyword id="235651" type="PERSON" weightage="100" keywordseo="Anil-Sinha">Anil Sinha</keyword> said. 
 
<a href="http://s3.india.com/wp-content/uploads/2016/02/vijay-mallya.jpg">Image source</a>

SBI wants Vijay Mallya arrested

The <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+government&amp;sortorder=effectivedate">Indian government</a> will infuse capital in <a href="http://www.businessinsider.in/searchresult.cms?query=state-run+banks&amp;sortorder=effectivedate">state-run banks</a> but on one condition-recover NPAs. 
 
The state-run banks are looking Rs <a href="http://www.businessinsider.in/Government-to-help-state-run-banks-with-more-funds-than-planned-as-bad-loans-continue-to-rise/articleshow/51037622.cms">25,000 crore capital</a> from the government, which has maintained that these banks should show some improvement in recovering <a href="http://www.businessinsider.in/searchresult.cms?query=npas&amp;sortorder=effectivedate">non-performing assets</a> (NPAs). 
 "We are holding consultations with banks on their growth projections, credit disbursement targets and other efficiency parameters such as low-cost deposits. Any capital allocation will be based on their overall performance," a <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword> official told ET. 
 
The NPAs of public sector banks jumped from 5.43% in March last year to 7.3% in December 2015. 
 
"We are hopeful to get the bankruptcy law passed in this session of the parliament. In addition, we will introduce changes in SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) and DRT (debt recovery tribunal) laws to speed up the recovery process," the official further told ET. 
 
Meanwhile, few banks have given presentations to the <a href="http://www.businessinsider.in/searchresult.cms?query=finance+ministry&amp;sortorder=effectivedate">finance ministry</a> and are hopeful of raising capital through other methods also. 
"We are also looking to raise money by divesting some of our non-core assets. We have some investments, including that in the insurance sector where we may exit," a senior executive with Allahabad Bank told ET. 
 As per the <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> ministry, state-run banks will need Rs 1.8 lakh crore of additional capital till FY 2019.

Recover NPAs if you want capital, government tells state-run banks

Tech investor TV <keyword id="6491998" type="PERSON" weightage="20" keywordseo="Mohandas-Pai">Mohandas Pai</keyword> today said that forcing beleaguered businessman <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who owes over Rs 9,000 crore to several banks, to come back to India is a "bad strategy". 

	"I think it's a bad strategy to force him to come back because I don't think they have a strong case to do what they are doing," the former Chief Financial Officer of software major Infosys said. 
 

	Better strategy, he said, is to get the Debt Recovery Tribunal to pass an order invoking guarantee he has given to banks and attach his assets. 
 

	Today, there is no proof for or against Vijay Mallya asking him to pay back any money. There is no court order. Dispute is in the court. Court has not given any order. Everybody is saying 'pay back, pay back' but pay back what? For paying back, you need a court order...exactly how much to pay and all that. I think it's being badly handled," Pai told PTI. 
 

	Pai, co-founder of Aarin Capital, favoured requesting the Supreme Court to pass an order for negotiations with the liquor baron. 
 

	He noted that nobody has claimed that Mallya siphoned off money and indulged in money laundering till Enforcement Directorate (ED) went after him. 
 

	"Nobody knows what evidence ED has. None of the banks has found evidence, no body spoke about it. Now only ED is saying," said Pai, currently Chief Adviser to the Manipal Education and Medical Group. 
 

	He stressed the need for improving legal system in the country, noting that the case against Mallya was going on before DRT from the year 2013. 
 

	Pai said he was also against "naming and shaming" willful defaulters of bank loans. 
 

	"Once you lost money, there is no shame. Everybody knows you lost money, what is the shame? Shame is a middle class morality; shame is not there for business class or those who own business," he said. 
 

	"I don't think anybody's name should be made public. What should be done is: we need bankruptcy law to force them into bankruptcy, sell their assets and get back the money. Once there is bankruptcy law, they are forced into bankruptcy; it (their names) will automatically become public," Pai said

You Searched For "drt" and got 10 results

McDonald's selects Sanjeev Agrawal as new partner for north, east India markets

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Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow

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SBI to add Rs 300 cr to bottomline in Q4 with JSL exit from CDR framework

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More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

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Recover NPAs if you want capital, government tells state-run banks

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'Forcing Vijay Mallya to come back to India is bad strategy'

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