A consortium of 17 banks led by SBI gave a loan of 9000 crores to Vijay Mallya. Its recovery is pending.
The consortium of banks demanded that they get access to that property to pay their debts.
There is a relief news for banks lending to Vijay Mallya. The PMLA court said that the consortium of banks can recover its assets from the Enforcement Directorate. The ED had seized Vijay Mallya’s property in one case. The consortium of banks had demanded that he should get access to that property to pay off his loans.
For the purpose of taking that property under their jurisdiction, a case was registered on behalf of the banks in the Debt Recovery Tribunal, Bangalore. The DRT had ruled in favor of the banks, but the Enforcement Directorate initially opposed the decision. Later, the ED said that he had no problem with the action of the banks, after which the PMLA court issued this order. This decision has been issued on 24 May.
On May 25, seven companies related to Vijay Mallya opposed this decision of the court. Despite the protest, the PMLA court has given its verdict in favor of the banks. Explain that the consortium of 17 banks under the leadership of SBI had given a loan of 9000 crores to Vijay Mallya. Now, action will be taken on the bank’s property for recovery. The bank can also auction this property. It is believed that this includes both movable and immovable properties of Vijay Mallya and its value is in thousands of crores.
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