Banks get permission to sell Vijay Mallya’s properties to recover debts

The permission to sell certain real estate assets and securities of the fugitive business tycoon Vijay Mallya has been given by a Prevention of Money Laundering Act (PMLA) court in order to recover their debts.

In order to recover the due loan amount of around ₹5,600 crore, banks are allowed to sell certain real estate properties and securities which belonged to controversial and disgraced business tycoon Vijay Mallya by the Prevention of Money Laundering Act (PMLA) Court.  Earlier it was under the Enforcement Directorate. This was said by the managing director of the Punjab National Bank, Mallikarjuna Rao.

According to him, they will receive their due share once lead bank to realize as the PNB does not holds much exposure in Kingfisher in terms of loan. Vijay Mallya is presently in the United Kingdoms while he is accused in a bank loan default case of over ₹9,000 crore along with this defunct Kingfisher Airlines. A special court in Mumbai had declared him as a fugitive economic offender in January 2019.

The complete legal procedures available for fighting the government attempts to extradite him to India so as to face charges of defrauding a consortium of banks have been exhausted by Vijay Mallya. The amount is more than a billion dollars along with the collapse of Kingfisher Airlines in 2013.

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