Court allows banks to auction Vijay Mallya's assets to clear debt

A special Mumbai court has permitted a consortium of 15 banks led by the State Bank of India (SBI) to utilise movable assets of former liquor baron Vijay Mallya towards repayment of his debt.

The assets, comprising financial securities like shares of the United Breweries Holdings Ltd (UBHL), were attached by the special Prevention of Money Laundering Act (PMLA) court in 2016 when it declared Mallya a proclaimed offender.