PMLA court order paves way for SBI-led consortium to recover dues from Vijay Mallya

After the PMLA order, the SBI-led consortium of banks can auction properties seized by Enforcement Directorate to recover their dues that amount to Rs 9,000 crore.

A Prevention of Money Laundering Act (PMLA) court in Mumbai has restored properties seized by the Enforcement Directorate (ED) from Vijay Mallya to banks that had granted loans to the fugitive liquor baron. The Enforcement Directorate had earlier attached properties in the case and a consortium of banks had been claiming the same for debt recovery. Banks had filed for recovery in DRT (Debt Recovery Tribunal), Bangalore for which an order was issued in favour of the banks, but the ED had initially opposed the order.