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Recovered Rs 963 crore from auction of Vijay Mallya's Indian assets: SBI MD Arijit Basu

A British court had allowed the Indian banks to search and seize the properties owned by Vijay Mallya. The Indian banks are working in sync with the UK authorities on this.

Edited by: India TV Business Desk, New Delhi [ Updated: July 07, 2018 17:15 IST ]
Image Source : PTI

Rs 963 crore recovered from auction of Vijay Mallya's Indian assets

Indian banks are working very closely with the authorities in the UK, to recover maximum assets that have been owned by Vijay Mallya. This came after a British court allowed them to search and seize properties of Mallya, said SBI MD Arijit Basu. The consortium has recovered Rs 963 crore from auction of Mallya's Indian assets, he said when asked about recovery in India.

"We are very happy with the court order and with this kind of order we should be able to go after these assets”, Basu said. Without giving a specific number, he said "we hope to recover significant part our money".

A judge of the UK High Court has issued an enforcement order recently, in favour of a consortium of 13 Indian banks. The order seeks to recover funds owed to them by Vijay Mallya, who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore.

Basu further said that the UK enforcement order is worldwide freezing order and the Indian banks are working on recovering entire debt. The banks are working very closely with the authorities and have appointed valuer, he added.

SBI is the leader of consortium of 13 banks that lent money to Mallya's now defunct Kingfisher Airlines.

It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based.

However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.

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