Vijay Mallya loses over Rs 10,000 cr lawsuit in UK court filed by 13 Indian banks in the UK High Court
London, May 9: Businessman Vijay Mallya lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than Rs. 10,000 crore. Judge Andrew Henshaw also refused to overturn a worldwide freeze placed on Mallya’s assets.
Liquor Baron Vijay Mallya faced a major setback on Tuesday after he lost a lawsuit filed in London by a consortium of Indian banks seeking to collect the amount of Rs 10,000 crore amid allegations that he committed massive fraud.
A judge ruled that the consortium of lenders, including IDBI Bank, can impose an Indian court's decision against Mallya, who was found to have willfully defaulted on $1.4 billion in debt taken by his now-defunct airline Kingfisher.Judge Andrew Henshaw in London also refused to overturn a worldwide freeze placed on Mallya's assets.Mallya's lawyers now have the opportunity to appeal the decision to the Court of Appeals, the second highest court in the UK.62-year-old, Mallya is facing a trail in the UK Court, to rule if he can be extradited to India to face charges for financial irregularities involving a total amount of Rs 9,000 crores, as well as money laundering cases.In April last year, Mallya was arrested by Scotland Yard on an extradition warrant.He is out on bail on a bond worth 650,000 pounds.Apart from this case, the High Court of London on February 12 ordered Mallya to pay an estimated USD 90 million to a Singapore-based aircraft leasing company in claims.The case involves a number of aircraft leased by Vijay Mallya's now-defunct Kingfisher Airlines from BOC Aviation in 2014. He, however, denied the allegations against him and claimed they are "politically motivated".Agencies