The fugitives will recover the bank debt by selling the confiscated property of Vijay Mallya. This has been allowed by the Special Court of Prevention of Money Laundering Act (PMLA). The court has stayed the decision till January 18. So that all the parties affected by this order can appeal in Bombay High Court. ED sources have given this information.
Last month, Indian banks, led by State Bank, sought a London court to seize Vijay Mallya's property and declare him bankrupt. He has fled to Britain with more than nine thousand crore rupees from these banks.
This petition was filed by Banks in 2018. Mallya took this loan from banks for Kingfisher Airlines, which has now closed. Mallya escaped from India in March 2016 and has been living in the UK since then.
