Banks' claim of Rs 6,200-cr loss is not imaginary, says court

in image kingfisher owner Vijay Mallya

in image kingfisher owner Vijay Mallya

A court in Mumbai has said the banks that had surrendered advances to ban liquor aristocrat Vijay Mallya has endured losses, yet it was hard to wrap up the particular "quantifiable loss" at this stage. 

The court, in any case, said that the banks' instance of losses of over Rs 6,200 crore was not "imaginary." 

The insights were made by the Prevention of Money Laundering Act (PMLA) court judge J C Jagdale in the new orders that allowed revamping of Mallya's property, seized by the Enforcement Directorate, to the consortium of banks. 

The delegated authority passed within seven days two such orders, which were made open on Wednesday. 

A consortium of banks, driven by the State Bank of India (SBI), which had offered credits to Mallya, have searched for the revamping of his properties seized by the test office. 

As indicated by the nuances referred to in the solicitation, the united worth of the properties to be restored is Rs 5,646.54 crore. 

Mallya has blamed in a bank advance default instance of over Rs 9,000 crore, which incorporated his old Kingfisher Airlines. 

On May 24, the court had mentioned the appearance of properties worth Rs 4,234.84 crore, while on Tuesday, it mentioned the appearance of properties worth Rs 1,411.70 crore.

The court, however, said, "It is material to note that the claimants are public sector banks and these banks are dealing with the public money. There cannot be any personal or private interest of the said claimants to pursue such claim against the present respondents and accused."

Source: Business standard 




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