The Delhi Debts Recovery Tribunal (DRT) has restrained former CEO of Ranbaxy Laboratories and the co-owner of Fortis Healthcare, Malvinder Mohan Singh, from selling a posh property in Lutyen’s Delhi and some other assets in a bank loan default case.
A bench headed by presiding officer GVK Raju passed the interim direction on an application by Yes BankBSE -0.69 % seeking recovery of Rs 569.64 crore loan given to Oscar Investment Ltd. for which Singh was a guarantor.
“In the facts and circumstances of the case, defendants, their men or agents are restrained from alienating or creating any sort of encumbrance in respect of the immovable property, i.e., 1, Rajesh Pilot Marg, until further orders,” the court said, while also restraining him from selling some of his other assets including properties.
