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New Delhi, June 3
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines.
A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate.
The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
According to an official of lead bank SBI, symbolic possession of properties mentioned in the order would be taken by lenders after following due legal process.
Read more about Banks can sell Mallya s assets worth Rs 5,646 cr to recover dues on Business Standard. SBI has the highest exposure of Rs 1,600 crore out of original loan of Rs 6,900 crore to the defunct Kingfisher Airlines.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines.
Home » Website » National » Banks That Lent Loans To Vijay Mallya Can Now Sell His Property, Shares Worth Rs 5,646 Crore
Banks That Lent Loans To Vijay Mallya Can Now Sell His Property, Shares Worth Rs 5,646 Crore
According to an official of lead bank SBI, symbolic possession of properties mentioned in the order would be taken by lenders after following due legal process.
Outlook Web Bureau 03 June 2021, Last Updated at 5:15 pm AP Outlook Web Bureau 2021-06-03T17:11:23+05:30 Banks That Lent Loans To Vijay Mallya Can Now Sell His Property, Shares Worth Rs 5,646 Crore outlookindia.com 2021-06-03T17:15:27+05:30
Led by SBI and armed with a court order, a consortium of lenders can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with the failure of Kingfisher Airlines.
The Finance Ministry recently announced various amendments which aim to augment further funding for the infrastructure and real estate sectors by enabling infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) to easily avail debt financing from investors, including foreign portfolio investors (FPIs). While the intent is clear, the question remains whether FPI investment has now been enabled in debt securities issued by REITs and InvITs.