1. Vijay Mallya loan default case: Supreme Court adjourns the case till 27 February

Vijay Mallya loan default case: Supreme Court adjourns the case till 27 February

Earlier, a special court allowed the Enforcement Directorate (ED) to invoke the India-UK Mutual Legal Assistance Treaty (MLAT) to bring back embattled liquor baron Vijay Mallya to the country to face money laundering probe.

By: | New Delhi | Published: February 20, 2017 5:11 PM
Liquor baron Vijay Mallya (Reuters) Liquor baron Vijay Mallya (Reuters)

In a latest development coming from the Vijay Mallya loan default case, the Supreme Court has adjourned the hearing of the case till February 27.

Earlier, a special court allowed the Enforcement Directorate (ED) to invoke the India-UK Mutual Legal Assistance Treaty (MLAT) to bring back embattled liquor baron Vijay Mallya to the country to face money laundering probe. The special court, which is entrusted with hearing cases under the Prevention of Money Laundering Act, had last week approved the Enforcement Directorate’s request to issue an order against Mallya under the India-UK treaty.

ED officials said the court approved their request on the basis of the agency’s investigation and attachment of assets in the criminal case where Mallya and his now-defunct Kingfisher Airlines (KFA) are alleged to have defrauded IDBI Bank to the tune of about Rs 900 crore. The ED, they said, has now sent the court-issued request to the Union Home Ministry for further execution of the order in cooperation with its counterparts in the United Kingdom.

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Earlier, a special CBI court on February 8, completed the hearing on the bail applications of all the 11 accused in the loan default case. All the accused are employees of IDBI and KFA. This is a case where IDBI bank employees allegedly sanctioned about Rs 900 crore loan to KFA while it was having a low credit rating.

The Central Bureau of Investigation (CBI) has alleged in its chargesheet that this loan was sanctioned by IDBI official by doing a criminal conspiracy by them in connivance with the KFA employees.

The basic arguments were put up by defence lawyers who were replying CBI counsel’s arguments on Tuesday who opposed bail to all the accused.

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