Insta
Mallya’s Trouble Deepens As UK Court Rules In Favour Of Indian Banks, Allows Them To Sell His UK Assets
Swarajya Staff
May 09, 2018, 01:54 PM | Updated 01:54 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.