Vijay Mallya: ED has no lien over attached properties till end of trial, PMLA Appellate Tribunal bats for banks

Aditya AK October 10 2018

In a victory for the consortium of banks owed money by Vijay Mallya, the Appellate Tribunal for Prevention of Money Laundering Act (PMLA) at Delhi has passed an interim order stating that the Enforcement Directorate (ED) cannot hold lien over the attached properties of Mallya and his companies till the end of the trial.

The Bench of Justice Manmohan Singh upheld the right of the banks as secured creditors over the properties of Mallya and his companies Kingfisher Airlines, United Breweries, and Kingfisher Finvest.

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