Indian banks win Rs10,000 cr lawsuit against Mallya in UK

10 May, 2018, 11:14 | Author: Jacqueline Daniels
  • Massive setback for Vijay Mallya tycoon loses $1.55

Most importantly, it sets a precedent wherein a worldwide freeze can be imposed on a wilful defaulter's assets.

"The English courts can play a vital role in these cases given that London is the world's leading financial centre", he noted. This follows an Indian ruling in the Debt Recovery Tribunal in Karnataka in January.

Making matters worse for Mallya are reports that the court also dismissed Mallya's request to appeal against the order. He must not have had a good night's sleep since the consortium of banks that had lent him money for his venture Kingfisher Airlines started chasing him for Rs 9,000-crore default.

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The businessman was represented by Nicholas Peacock and George Heyman of Maitland Chambers, who were instructed by the law firm Macfarlanes LLP.

Henshaw refused permission to appeal Tuesday's ruling, meaning his attorneys will have to directly petition the Court of Appeal. Here, it is worth mentioning that Indian banks got a freeze order against Vijay Mallya from United Kingdom high court on November 24, 2017.

The litigation listed 13 banks, including the State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd., IDBI Bank Ltd., Indian Overseas Bank, as applicants.

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"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", Henshaw wrote.

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). 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.

Vijay Mallya, who remains on bail since his arrest on an extradition warrant in April past year, will return for the last leg of his ongoing extradition trial at Westminster Magistrates' Court in London on July 11, after which the court is expected to set a timeline for judgment in that case. Mallya was arrested in London past year and is fighting another lawsuit to prevent extradition in a different court across town.

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They accepted the evidence presented by the banks and the government of India to prove "dishonesty" on the part of Vijay Mallya on the ground that he acquired the loans through misrepresentation and had no intentions of repaying them.

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