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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.
Updated on: Mar 14, 2019, 13:33:26 IST
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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 ₹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.
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