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Vijay Mallya loses UK case, his England & Wales assets can be sold by Indian banks

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prasad1

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Vijay Mallya loses UK case, his England & Wales assets can be sold by Indian banks

Fugitive businessman Vijay Mallya suffered a major setback in his UK court battles after a British high court judge ruled on Tuesday that an Indian judgment against him can legally be enforced against his assets in England and Wales.

UK high court enforcement officers can now take legal steps to enforce the Indian judgment, which could include seizing and selling off Mallya’s assets in England and Wales.


UK high court judge Andrew Henshaw QC handed down judgment in favour of a consortium of 13 state-owned
Indian banks led by State Bank of India to which the former Chairman of UB Group owes more than Rs 9,000 core. Henshaw ruled the judgment dating January 19, 2017 of the Debt Recovery Tribunal (DRT), Karnataka, Bengaluru, which states that Mallya owes the banks Rs 6,203 crore plus interest (Rs 9,863 crore as of November 22, 2017), can now legally be registered in England.


In his written judgment, Henshaw said: “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. Dr Mallya’s departure from India, to where he has never since returned, and his resistance to India’s application to extradite him to face trial on serious criminal charges, provide some grounds for regarding him as a fugitive from justice.”



On November 24, 2017 the banks had registered the judgment of the Indian DRT in the English courts and obtained a freeze order stating that Mallya cannot dispose of or diminish his worldwide assets up to the value of £1,145,000,000 (Rs 10,210 crore). But Mallya had applied to set the order registering the judgment aside and for the freeze order to be discharged.

https://timesofindia.indiatimes.com/business/india-business/mallya-loses-uk-case-his-england-wales-assets-can-be-sold-by-indian-banks/articleshow/64084497.cms
 
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