PMLA Court Direct Banks to sell Mallya property: Big success for banks against Mallya; Important order issued by special court – pmla court directs bank to sell mallya seized properties to recover loan

PMLA Court Direct Banks to sell Mallya property: Big success for banks against Mallya; Important order issued by special court – pmla court directs bank to sell mallya seized properties to recover loan

Highlights:

  • Fugitive businessman Vijay Mallya’s confiscated property has been cleared for sale.
  • Mallya has challenged the extradition in court.
  • The value of the seized assets is Rs 5,466.54 crore.

Mumbai: Fugitive businessman Vijay Mallya’s confiscated property has been cleared for sale. The PMLA Special Court has issued an important order to recover the debt by selling the property confiscated in the last few years. The court’s decision is said to have hit Mallya hard.

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Vijay Mallya’s Kingfisher Airlines was given a loan by a group of 11 banks. These banks were led by SBI. But Kingfisher Airlines shut down and bank loans sank. This caused losses to public sector banks. The banks had approached the special court to recover the bad debts of Kingfisher Airlines. During the hearing, the court directed the banks to sell the seized assets of Mallya and recover the debts.

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Vijay Mallya’s immovable property across the country has been seized by the Directorate of Recovery and other investigative agencies. Also, his and his family’s bank accounts have been frozen. The shares have been confiscated from Mallya. The value of the seized assets is Rs 5,466.54 crore. According to the Surface Act, banks will be able to sell Mallya’s assets. Banks will be able to sell assets as per the rules.

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Out of a total loan of Rs 6,900 crore to Kingfisher Airlines, SBI has lent the highest amount of Rs 1,600 crore. This is followed by PNB at Rs 800 crore, IDBI Bank at Rs 800 crore, Bank of India at Rs 650 crore, Bank of Baroda at Rs 550 crore and Central Bank of India at Rs 410 crore. Experts estimate that the sale of Mallya’s assets will recover half of the bank’s debt.

Vijay Mallya is currently being tried in Britain for extradition to India. Earlier, the court had approved Mallya’s extradition, but he was challenged by Mallya. Mallya has appealed to the British government to grant him asylum. The Indian government has requested that Mallya’s extradition be approved as a special case.

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