PMLA court allows restoration of Mallya’s properties to banks
PTI, Jun 1, 2021, 5:54 PM IST
Mumbai: A special PMLA court in Mumbai on Tuesday allowed the restoration of properties of fugitive liquor baron Vijay Mallya that were seized by the Enforcement Directorate (ED) to a consortium of banks which had provided him loans.
This was the second such order passed by Special Judge JC Jagadale in over a week.
The combined value of property to be restored to banks runs into several crore rupees, a lawyer representing Mallya said.
Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines.
A consortium of 17 banks that gave Mallya loans, led by State Bank of India, had sought restoration of his properties seized by the ED.
The properties as described in the application are hereby restored to the applicant banks through the recovery officer, the court said.
The court rejected Mallya’s application seeking a stay on the order.
The said order is a conditional one in which the concerned recovery officer has been directed to submit an undertaking as per provisions of Prevention of Money Laundering (Restoration of Property) Rules, 2016, the court said.
The court added that, obviously, it will take time to submit such an undertaking, and in the meantime, the aggrieved party may challenge the said order, and, therefore, there is no need to stay the order.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
Cache of arms including foreign-made revolvers seized by CBI in Sandeshkhali raids
24 Indian Fishermen Released from Sri Lankan Detention, Repatriated to India
SC verdict on EVM tight slap to Congress-led opposition: PM Modi in Bihar rallies
Board exams twice a year from 2025: MoE asks CBSE to work out logistics, no plan for semesters
MUST WATCH
Latest Additions
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
BJP’s CT Ravi Booked for Promoting Hatred and Enmity Through Social Media Post
Elections held in 14 LS segments in Karnataka, voter turnout nearly 64 per cent till 5 pm
‘PM is scared, may even shed tears on stage’: Rahul Gandhi’s fresh salvo at Modi