IMG-LOGO

Mumbai

Vijay Mallya Challenges Bank Consortium Suit for Liquidation of His Attached Properties

Author : Odisha Today Bureau | Posted on: 2019-06-25

Fugitive businessman Vijay Mallya's senior counsel Amit Desai on Monday opposed the application filed by a SBI-led consortium of 12 banks seeking the release of Mallya's assets that the Enforcement Directorate (ED) had attached so that it can be sold immediately.

 

The application was filed before the special court in Mumbai for CBI and under Prevention of Money Laundering Act (PMLA).

 

While speaking to the media Desai said, “The consortium has other remedies. They should have gone before the civil forum and not come before this court. These issues will be decided by the Karnataka High Court if they really want to settle”.

 

He further added, “These issues will be decided by the Karnataka High Court if they really want to settle," said the lawyer. He also added that Mallya has been saying that everything should be sold off to repay the people he owes. "We have been suggesting for the last one year, appoint a retired judge, sell off everything, don't involve me (Mallya) and take everything".

 

He even said that the special court in Mumbai was not the right forum to pass the order on the liquidation of the property as it is the Karnataka High Court that should me taking the decision.

 

During the hearing, the lawyer representing the consortium told the court that Mallya had already been declared a fugitive and that his attached properties should go to those who are legally entitled like SBI and others. The advocate told the court, "One does not know when he will come back and until then public money cannot be kept in abeyance. There are various interveners in the case but SBI consortium has first claim because of various ordered passed by this court and this is the only court where I can seek this relief as it is this court which has passed orders of attachment."

 

The court will further hear the arguments on July 16.

 

The principal amount owed by Mallya to the banks is around Rs 5,000 crore, which has increased to around Rs 12,000 crore because of 11.5 per cent interest.

 


Leave A Comment


Odisha Today Talks to Sri Nishikanta Mohapatra, Convenor, AA...
Destruction by Cyclone "Fani"--Utkal University, O...
Odisha Today Talks to Sri Nishikanta Mohapatra, Convenor, AA...
Destruction by Cyclone "Fani"--Utkal University, O...
Odisha Today Talks to Sri Nishikanta Mohapatra, Convenor, AA...

International News

You May Also Like

News Poll

Do you think that the increase in the expenditure of Modi Govt on Minority Welfare Schemes is in line with minority appeasement politics?

A) Yes
B) No
C) Party Appeasement
D) Can’t say

News Updates


Bhubaneswar (Ekamra) Assembly Constituency BJP Candidate Bab...
Bhubaneswar (Ekamra) Assembly Constituency BJP Candidate Bab...