India: Court allows liquidation of Vijay Mallya’s assets

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A special-purpose court in charge of money laundering offences in Mumbai has granted the banks that lent an embattled Indian Liquor Baron, Vijay Mallya permission to liquidate his assets which could sum up to 11 crores to recover their money- 6,203.3 crores; an amount far less than the anticipated returns from the liquidation, tough the court order is expected to stay till January 18, to allow affected parties make an appeal or otherwise according to the Prevention of Money Laundering Act.

Meanwhile, the Enforcement Directorates had as at last year February told the PMLA court that provided that, Mallya who was declared a fugitive economic offender last year wins the criminal trial, the lenders would have no choice than to remit the proceeds of the liquidation back to the court or the Enforcement Directorates.