ED attached assets Mallya – Bharat Pulse News

The Bombay High Court has sought a response from the Enforcement Directorate on a petition filed by fugitive businessman Vijay Mallya challenging the transfer of his attached assets to a State Bank of India-led consortium of lenders. The court also said the decade-long commercial dispute should now move towards a conclusion. Bombay High Court Seeks ED Reply Justice Milind Jadhav issued notice to the ED and directed the agency to provide the latest status of its investigation against Mallya and details of assets attached in connection with the case. The petition dates back to 2020, when Mallya challenged an order of a special Prevention of Money Laundering Act court permitting banks to utilise assets that had been attached by the ED. The matter will be considered again after the agency provides the requested information. Vijay Mallya Challenges Asset Transfer Mallya’s lawyers argued that substantial developments have taken place since the petition was originally filed, including significant recoveries by public sector banks. His counsel referred to previous statements that assets worth around ₹15,000 crore had been recovered or attached and argued that clarity was required over what liabilities and proceedings remained outstanding. Mallya had earlier been declared a fugitive economic offender in 2019 and has remained in the United Kingdom since leaving India in March 2016. Court Says Mallya Dispute Must End The High Court observed that commercial disputes continuing for years without resolution could have wider economic consequences and said the parties needed to “move on.” The court indicated that the government and investigating authorities should clearly establish the present position regarding recoveries, attached properties and pending proceedings. India continues to seek Mallya’s extradition in connection with cases arising from loans extended to the now-defunct Kingfisher Airlines.

Bombay HC Seeks ED Reply on Mallya Assets

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Bombay HC Seeks ED Reply on Mallya Assets

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