(ET)
A 12-bank consortium led by State Bank of India has moved a Mumbai court seeking the release of Vijay Mallya’s assets that the Enforcement Directorate (ED) has attached so that these can be sold “immediately” to realise the best value. The banks urged the court hearing the Prevention of Money Laundering Act (PMLA) case that the assets be restored to them so that they can “appropriate the proceeds” without delay, they said in a joint application.
The banks contended that the attached assets were “amenable to market fluctuations and any delay in liquidating those assets may reduce their value”. Hence, there is a “need for immediate and speedy disposal of the assets to realize their best value”. The lenders urged the court to allow their request “in the interest of economy and the banking system, which face dire circumstances due to un recovered NPAs (non-performing assets).”
