Vijay Mallya’s assets and shares can now be sold by SBI-led institutions

Mallya’s assets’ total value includes different floors of the UB City commercial skyscraper in Bengaluru’s central business area. All stakes in United Spirits and United Breweries, are of a total of Rs 5,646.54 crore.

Vijay Mallya's assets and shares  can now be sold by SBI-led institutions
Vijay Mallya is a defendant in a bank loan default action involving his bankrupt Kingfisher Airlines for over Rs 9,000 crore.

A consortium led by the State Bank of India (SBI) can sell certain real estate holdings. Assets belonging to fugitive liquor tycoon Vijay Mallya to recoup overdue liabilities.

On June 1, a special PMLA (Prevention of Money Laundering Act) court issued a judgment allowing the Enforcement Directorate (ED) to return Mallya’s confiscated properties.

According to the Economic Times, Mallya’s assets, which include different floors of the UB City commercial skyscraper in Bengaluru’s central business area and stocks in United Spirits and United Breweries that he owns, are Rs 5,646.54 crore.

Also, the special PMLA court in Mumbai, on the other hand, ordered banks to sign a bond. Only if the fugitive businessman is acquitting or if his trial does not happen.

Also, Mallya is a defendant in a bank loan default action involving his bankrupt Kingfisher Airlines for over 9,000 crores. Mallya’s properties had been confiscated, by a group of 17 banks, spearheaded by SBI, who had asked for a return.

According to the court, the mentioned ruling is a conditional one. It will require the concerned recovery officer to file an undertaking in accordance with the rules.

Therefore, the court went on to say that submitting such an assurance would take time. The aggrieved party might appeal the decision, therefore there was no need to suspend the decision.

Swapnil Ojha

Written by Swapnil ojha

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