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Mallya’s Trouble Deepens As UK Court Rules In Favour Of Indian Banks, Allows Them To Sell His UK Assets
Chairman and CEO of India’s Kingfisher Airlines Vijay Mallya (Punit PARANJPE (Photo credit should read PUNIT PARANJPE/AFP/Getty Images)
A State Bank of India-led consortium of 13 banks has won a case against absconding businessman Vijay Mallya in the United Kingdom (UK) for the recovery of more than USD 1.55 billion from him, Times of India has reported.
A court in the UK dismissed the liquor baron’s plea to overturn a worldwide order freezing his assets and ruled that the Indian banks were entitled to recover funds. With the court in the UK ruling in their favour, the Indian banks to enforce an Indian court's ruling against Mallya's assets in England and Wales.
The court also dismissed Mallya’s request for permission to appeal against the order. The only option Mallya’s lawyers are now left with is to directly petition the UK’s Court of Appeal, second only to the country’s Supreme Court.
The UK court’s ruling will also help the Indian government in the extradition proceedings which are underway at the Westminster Magistrates Court. The court will has scheduled the case for a final hearing on 11 July.
During the hearing, the Indian banks told the court that Mallya was a wilful defaulter. Mallya’s lawyer, however, said the defaults were a result of financial losses incurred by Kingfisher Airlines and there was no malafide intention.
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