Business

We Are Working With The UK Authorities To Recover Loan Amount: SBI MD Arijit Basu

JAVED SAIFI | 0
3326
| July 6 , 2018 , 15:18 IST

The newly appointed State Bank of India MD Arijit Basu on Friday gave closures on the NPAs and money laundering case against Vijay Mallya.

SBI Managing director Arijit Basu while addressing media on Friday said our aim is to recover the maximum amount from Vijay Mallya’s property and other corporate assets in London.

As on July 5, the UK High court has issued an enforcement order in favour of a consortium of Indian banks to recover the loan amount from Vijay Mallya property in London.

While addressing the issue Basu said, "Indian banks are working closely with the UK authorities to recover the loan amount from the assets owned by Vijay Mallya in London."

State Bank of India is a leader of all 13 consortium banks and happy with the decision of the court to recover the amount of money that was lent to Vijay Mallya.

Basu also said Rs 963 crore has been recovered from the auction of Mallya's assets in India.

Also Read:  UK Court Orders Recovery Of Loan Amount From Mallya's London Assets

The UK High court has issued an enforcement order in favour of a consortium of Indian banks to recover the loan amount from liquor baron Vijay Mallya who is involved in money laundering case of Rs 9000 crores.

The order will allow UK High Court Enforcement Officer to enter Vijay Mallya properties in Hertfordshire, London. It permits the officer and his agent's entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around £1.145 billion, as per reports.