Vijay Mallya loses Dollars 1.55 billion assets case in United Kingdom court

Vijay Mallya loses Dollars 1.55 billion assets case in United Kingdom court

The most wanted business tycoon in India Vijay Mallya who is facing loan default and money-laundering charges has lost a lawsuit filed by Indian banks in UK High Court. "Dr Mallya was unable to put forward any basis for contending that the disposal was not in breach of the Karnataka High Court's interim injunction, and accepted that it occurred after the Supreme Court had made clear that the injunction covered subsequently acquired assets It does, though, appear to me to have been in clear breach of the Karnataka court's order", he adds.

"The English courts can play a vital role in these cases given that London is the world's leading financial centre", he noted.

Lawyers of the TLT law firm in London, who are representing the banks, said that the ruling by Henshaw will allow them to implement the judgement given by the Indian Debt Recovery Tribunal with immediate effect. Mallya had also registered a case to set aside the orders of Indian DRT and discharge the freezing orders.

Mallya is wanted in India for Kingfisher Airlines' default on loans worth almost Rs 90 billion and some other matters. He was also refused to appeal for Tuesday's ruling by the London High Court judge.

The UK High Court on Wednesday said that businessman Vijay Mallya can be regarded as a "fugitive from justice".

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Led by SBI, which loaned Rs 9000 crore to Mallya-owned UB group, the consortium includes Bank of Baroda, Corporation Bank, The Federal Bank Limited, IDBI Bank Limited, Indian Overseas Bank, Jammu & Kashmir Bank Limited, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt. Ltd.

Mallya and related concerns - Ladywalk LLP, Rose Capital Ventures Ltd and Orange India Holdings - are listed as respondents.

Mallya fled in 2016, days before the Debt Recovery Tribunal's Jan 2017 verdict, claiming that he wished to be near his loved ones (children).

"There is a risk of the value of Dr Mallya's assets deteriorating, and / or being subject to claims by other creditors, and a risk of Dr Mallya being declared bankrupt". The order stops Mallya from "removing any assets from England and Wales up to that value or to in any way dispose of, deal with or diminish the value of his assets in or outside of this jurisdiction, up to the same value", Business Standard reported. He was arrested a year ago by Scotland Yard on an extradition warrant.

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