Banks Recovered Rs 963 Crore From Auction Of Mallya’s Indian Assets: SBI MD

The Logical Indian Crew

July 6th, 2018 / 7:09 PM

Image Credits: Business Standard

Managing Director of State Bank Of India (SBI), Arijit Basu, which leads the consortium of 13 banks that lent money to Vijay Mallya owned Kingfisher airlines, which is now defunct said that they are working closely with the UK authorities after a British court order allowed them to search and seize properties of Vijay Mallya. The UK Enforcement issued a worldwide freezing order and the Indian banks are looking forward to covering the entire debt.

Basu said, “We are very happy with the court order and with this kind of order we should be able to go after this assets.”

Basu didn’t reveal the exact number but he said that they were looking to recover a significant part. Basu also added that the consortium of banks will work closely with the authorities and that a valuer also has been appointed.

Talking about the recovery in India, Basu said that the consortium of banks has recovered about Rs 963 crore from auction of Mallya’s Indian assets.


UK HC ordered seizure of Mallya’a UK assets

A UK high court judge had issued an enforcement order in favour of the banks, allowing them permission to enter Mallya’s properties in Hertfordshire, London. The orders also gave the option to the banks to enter Ladywalk and Bramble Lodge in Tewin to use it as a means to recover the money.

In the order dated June 26, Justice Byran ruled, “The High Court Enforcement Officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn… and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya) notes the order by Justice Byran, dated June 26.”

In May, a United Kingdom High court had dismissed Vijay Mallya’s plea to reject Indian Debt Recovery Tribunal’s order of freezing his accounts worldwide to recover debts worth $1.45 billion.

Led by SBI, which loaned Rs 9000 crore to Mallya-owned UB group, the consortium of 13 banks includes Bank of Baroda, Corporation Bank, The Federal Bank Limited, IDBI Bank Limited, Indian Overseas Bank, Jammu & Kashmir Bank Limited, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt. Ltd.


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Written by : Shraddha Goled

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