Reportedly a special court has permitted a consortium of 15 banks led by the State bank of india (SBI) to utilise movable assets of former liquor baron vijay Mallya towards repayment of his debt. Meanwhile the assets, comprising financial securities like shares of the United Breweries Holdings Ltd (UBHL), were attached by the special Prevention of Money Laundering Act (PMLA) court in 2016 when it declared Mallya a proclaimed offender.

 

Furthermore under provisions of the Criminal Procedure Code, a court orders attachment of a person's movable assets after he or she has been declared a proclaimed offender. Apparently a person against whom a warrant has been issued can be declared a proclaimed offender if the court believes that he or she has absconded or is evading execution of warrant. Further the consortium of banks earlier filed an application before the special court, seeking release of Mallya's movable assets to utilise them for repayment of loans given to him.

 

Moreover senior counsel rajeev Patil, appearing for the consortium, said the special court on tuesday lifted the attachment on the movable assets. Desai said "However, we do not know if the court has ordered for the assets to be restored to sbi or the consortium. We are waiting for the order copy for further clarity".

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