In an historic and land mark judicial decision, the Special Court \u2013 PMLA at Mumbai ordered restoration of properties to the Applicant Banks who suffered loss as a result of money-laundering by Kingfisher Airlines involving Vijay Mallya vide Order dated 24.05.2021 by The Special Judge to CBI, City Civil Sessions Court, Greater Mumbai which is the designated Special Court under Sec. 8 (8) of Prevention of Money Laundering Act [PMLA] 2002. This order empowered Enforcement Directorate to release the immovable properties, unpledged shares and pledged shares totally worth Rs. 4234.84 Crores and the Enforcement Directorate has swiftly and promptly acted upon this order without any loss of time, thus enabling the Applicant Bank to recover part of their loss immediately.<\/p>\n\n\n\n
Further, the same Special Court restored further assets worth Rs. 1411.70 Crores to the Applicant Banks \/ Institutions through Enforcement Department. Thus, a total a total Rs. 5646.54 Crores has been restored to the Applicant Banks in Vijay Mallya Kingfisher Airlines PMLA case. The above orders were issued by the Special Court \u2013 PMLA during the course of trial under Sec. 44 & 45 of PML Act 2002. <\/p>\n\n\n\n