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Mallya assets should be with us: Liquidator from Karnataka HC

The office of OL submitted its objection to the plea submitted by the SBI to restore the rights of Vijay Mallya’s properties to the bank so that it can recover its dues by selling them.

mumbai Updated: Mar 14, 2019 13:33 IST
HT Correspondent
HT Correspondent
Mumbai
Vijay Mallya,Karnataka High Court,SBI
The bank is seeking rights over properties, including shares held by Mallya, worth Rs 6,203 crore.(PTI)

The official liquidator (OL) appointed by the Karnataka high court to wind up United Breweries Holdings Limited (UBHL) on Wednesday requested the special Prevention of Money Laundering Act (PMLA) court to hand over all the properties to OL instead of the State Bank of India (SBI).

The office of OL submitted its objection to the plea submitted by the SBI to restore the rights of Vijay Mallya’s properties to the bank so that it can recover its dues by selling them.

The bank is seeking rights over properties, including shares held by Mallya, worth Rs 6,203 crore.

In its objection, the OL said the bank is not the only creditor of the company and the liquidator has to secure interests of other creditors as well.

First Published: Mar 14, 2019 11:23 IST