The Money Laundering Prevention Act (PMLA) has allowed the sale of the assets of long-time liquor businessman Vijay Mallya. The court has directed the Enforcement Directorate (ED) to hand over the assets to the bank. Punjab National Bank Managing Director Mallikarjuna Rao said, “Rs 5,600 crore. The bank has allowed Vijay Mallya to sell some of his real estate assets and securities to settle the outstanding debt. These assets are sold by major banks in the country. “PNB doesn’t have enough debt in Kingfisher. But when major banks sell the property, PNB also gets its share.
Lead Bank now sells those assets. PNB does not have much credit exposure in Kingfisher, but we get our share once the major bank is aware: Mallikarjuna Rao, Managing Director, Punjab National Bank
– ANI (@ANI) June 5, 2021
Sally-led 11 banks consortium has lent money to Mallya. The group contacted the special court dealing with cases relating to the Money Laundering Prevention Act (PMLA) and requested that the Enforcement Directorate return the property seized.
Out of the Rs 6,900 crore original loan granted to Kingfisher Airlines, the State Bank has a maximum of Rs 1,600 crore. Other lenders to the airline include Punjab National Bank (Rs 800 crore), IDBI Bank (Rs 800 crore), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore) and Central Bank of India India (Rs 410 crore).
Mallya is accused of fraud and money laundering of around Rs 9,000 crore. In this case its passive Kingfisher Airlines is involved. Former Kingfisher Airlines owner and businessman Vijay Mallya, 65, has been out on bail in the UK on an extradition warrant since his arrest in April 2019. Vijay Mallya is currently in England. Trying to get them back.
