Mallya case: Banks’ claim of Rs 6,200-cr loss not imaginary, says court

A special court in Mumbai has said the banks that had granted loans to fugitive liquor baron Vijay Mallya, have suffured losses, but it was impossible to conclude the exact “quantifiable loss” at this stage.

The court, however, said that the banks’ claim of losses of over Rs 6,200 crore was not “imaginary”.

The observations were made by the Prevention of Money Laundering Act (PMLA) court judge J C Jagdale in the recent orders that allowed restoration of Mallya’s property, seized by Enforcement Directorate, to the consortium of banks.

The judge passed within a week two such orders, which were made available on Wednesday.