Banks working with UK to recover Mallya's dues: SBI MD
What's the story
Indian banks are working very closely with the UK authorities to recover maximum assets owned by Vijay Mallya, after a British court allowed them to search and seize properties of the fugitive liquor baron, SBI MD Arijit Basu said. The UK Enforcement order is a worldwide freezing order and Indian banks are looking at recovering the entire debt, he said. Here are more details.
Information
Banks recovered Rs. 963cr from auction of Mallya's Indian assets
SBI is the leader of a consortium of 13 banks that lent money to Mallya's now-defunct Kingfisher Airlines. Asked about recovery in India, Basu said the consortium has recovered Rs. 963cr from auction of Mallya's Indian assets.
Enforcement order
What did UK Enforcement order say?
The UK High Court issued an enforcement order in favor of a consortium of 13 Indian banks seeking to recover funds owed to them by Mallya, who is fighting extradition to India on fraud and money laundering charges worth nearly Rs. 9,000cr. It permits officers and their agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based.