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Left Country to Raise Funds For One-time Settlement With Banks in India: Vijay Mallya

After a hearing of the plea, an application will be given on December 26, stated PMLA Judge M S Azmi.

Updated: December 18, 2018 12:35 PM IST

By Business Desk | Edited by Kanimozhi Sudhakar

Vijay Mallya

New Delhi:  Former chairman of the now-defunct Kingfisher Airlines, Vijay Mallya claimed that he had left India on March 2, 2016, with ‘only five pieces of luggage’ and not 300 bags as claimed by the Enforcement Directorate (ED) last week. The affidavit was filed before the special court in Mumbai on Monday, where he claimed to have left the country to raise funds with European entities so as to make a ‘one-time settlement’ with the consortium of banks in India which had granted loans to Kingfisher Airlines.

An application was filed by the Enforcement Directorate (ED) requesting the special Prevention of Money Laundering Act (PMLA) Court to declare Mallya as a “fugitive economic offender” under the Fugitive Economic Offenders’ Act, 2018. As per the provisions of the Act, if Mallya gets the “fugitive economic offender” tag, then the prosecuting agency has the rights to confiscate his properties. After a hearing of the plea, an application will be given on December 26, stated PMLA Court Judge M S Azmi.

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Meanwhile, Mallya is set to face bankruptcy proceedings in the UK High Court next year. “We can confirm that we presented a bankruptcy petition against Dr Mallya on behalf of the banks on 11 September 2018,” said Paul Gair, a partner at TLT LLP, the UK-based law firm.

Mallya’s now-defunct Kingfisher Airlines owes an estimated amount of 1.145 billion pounds to a consortium of 13 Indian banks including SBI, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd.

(With Agency inputs)

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