Days after the Prevention of Money Laundering Act (PMLA) court allowed restoration of assets worth Rs 5,646.54 crore of beleaguered liquor baron Vijay Mallya with the consortium of banks led by the State Bank of India (SBI), the Indian banks have already started firming up plans for the sale of his assets, sources privy to the development told ET.These sources added that the bank executives recently met officials from the Enforcement Directorate (ED) to discuss the details.“In February last year through an application before the PMLA court, ED consented to the restoration of assets with the banks for the recovery of dues with certain riders, now that the PMLA court has allowed the banks’ plea, meetings were held between the two to chalk the plan,” said an official in the know. “From now on, the ED will have no role to play as far as the auction of restored assets is concerned. The banks, however, have to execute a bond before the special court before auctioning the assets,” the official added.“If things go as per plan, the banks will be able to recover nearly 91% of the principal amount. While the movable and immovable assets are worth Rs 5,646.54 crore, the quantifiable loss suffered by the bank is Rs 6,203 crore.”Sources added that the lender consortium is in the process of appointing SBI Capital Markets to sell shares in United Breweries. Banks have plans to sell these shares between Q1 and Q2 and the sale could happen via large block deals. “Mallya’s 16.15% stake in the UB group is valued at Rs 5,500 crore,” said a senior official in the know. The ED has transferred 4.13 crore equity shares (16.15%) of United Breweries to the demat account of the recovery officer of the Debts Recovery Tribunal (DRT).“We have plans to sell company shares as soon as possible, this could also fetch us good returns as the markets are looking up,” said a bank official in the know. “Lenders will also soon move to physically possess the immovable properties, and will be guided by the SARFAESI law,” said another official.“However Mallya still has the option of appealing against the order before the High Court. If that remedy is availed, then it might delay the bank’s plans,” the official further added.