SBI-led consortium gets ₹792 crore more in Kingfisher Airlines case

The government is making all efforts to get Vijay Mallya from the UK. (AP)Premium
The government is making all efforts to get Vijay Mallya from the UK. (AP)
 1 min read . Updated: 16 Jul 2021, 05:59 PM IST Gireesh Chandra Prasad

New Delhi: A consortium of lenders led by State Bank of India has made ₹792 crore more towards recovery of bad loans in the Kingfisher Airlines case by selling shares handed over by the Enforcement Directorate (ED), the investigation agency said in a statement.

ED had said in June that around ₹800 crore was expected to be realised by this consortium in the case from the sale of shares in United Breweries Ltd. attached by the agency. The lenders had earlier recovered ₹7181.5 crore from liquidating assets and expect to make a total of ₹9,041.5 crore through sale of assets attached by ED under anti-money laundering provisions.

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The move comes at a time the Narendra Modi administration is making all efforts to get Vijay Mallya, an alleged fugitive from justice, extradited from the UK. India’s Fugitive Economic Offenders Act provides for attachment of property of a fugitive economic offender and disentitlement of the offender from defending any civil claim.

ED said that assets worth ₹1,060 crore have been allowed to the banks by a Fugitive Economic Offense Court in the Punjab National Bank--Nirav Modi case and that the investigating agency has confiscated Rs. 329.67 crore under the Fugitive Economic Offenders Act. ED said it has attached or seized assets worth Rs. 18,217.27 crore under provisions of anti-money laundering law. (ends)


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