Recently, the DRT (Debt Recovery Tribunal) also allowed attachment and sale of the properties,” senior counsel Nitin Pradhan, who represented the banks, told ET. It said the banks, except one, “have the backing of the state and thus carry with themselves a sovereign guarantee”.“Thus, in the unlikely event of the respondents prevailing, the banks would be in a position and capacity to return the proceeds of sale of assets to the respondents. “It is not uncommon for a court of appeal to give leave to appeal and then to overturn the verdict of a lower court. It all depends on whether Mallya’s grounds for appeal are considered meritorious by the Court of Appeal,” he said. (With inputs from Dipanjan Roy Chaudhury)

Source: Economic Times February 06, 2019 01:30 UTC