Under the provisions of the Criminal Procedure Code, a court orders attachment of a person's movable assets after he or she has been declared a proclaimed offender. The consortium of banks earlier filed an application before the special court, seeking release of Mallya's movable assets to utilise them for repayment of loans given to him. Senior counsel Rajeev Patil, appearing for the consortium, said the special court on Tuesday lifted the attachment on the movable assets. Senior counsel Amit Desai, appearing for Mallya, said the court has ordered lifting of attachment of assets, which are UBHL shares. Mallya, who is accused of money laundering by the Enforcement Directorate, fled India in March 2016 and is now based in London.

Source: The Telegraph January 01, 2020 09:22 UTC