Banks to sell off Mallya’s properties worth ₹5,646.54 crore to recover dues
A special PMLA court has, in two separate orders passed within the last 10 days, allowed the restoration of properties of fugitive liquor baron Vijay Mallya to a consortium of 17 banks that had provided him loans. The consortium, led by State Bank of India, can now sell off these properties that have a combined value of ₹5,646.54 crore and recover some of their dues.
The bank consortium had approached the PMLA (Prevention of Money Laundering Act) court asking for the release of the properties attached by the Enforcement Directorate. The ED raised no objections, but Mallya’s legal team did, and so did the lawyers of other companies that have an interest in these properties.
