UK court allows Indian banks to collect claims worth $1.55 billion from tycoon Vijay Mallya
India’s banks can breathe a sigh of relief. On May 8th, a UK court upheld a decision by the
As a result, a consortium of 13 Indian banks - which includes the state-owned
The prosecution, which was representing the banks, successfully argued that Mallya “willfully defaulted” on the loans in spite of his considerable financial resources.
The case reportedly marked the first time a ruling by an Indian tribunal had been registered in a UK court. Most importantly, it sets a precedent wherein a worldwide freeze can be imposed on a
To add insult the injury, the UK court has also barred Mallya’s legal team from appealing the ruling. If they wish to seek recourse, they will have no option but to directly petition the UK’s Court of Appeals.
Mallya was arrested in April 2017 on an extradition warrant over charges of defrauding his Indian creditors of $1.4 billion in loans. Currently out on bail, he has been absconding in England since March 2016 and refuses to come back to India over fears of an unfair trial. He has several cases pending against him in India over money laundering, tax evasion and credit defaults.
- Crypto exchange Bitex’s new utility token aims to simplify trading in rupee
- L’Oréal Paris and ambassadors Aditi Rao Hydari, Sobhita Dhulipala, Shakti Mohan and Mithali Raj share their heartfelt gratitude for heroes on International Nurses Day
- This cryptocurrency is valued at $45 billion, and it's just a day old
- India's geo imaging satellite launch delayed due to rising COVID-19 cases
- Gartner report reveals global chip shortage may continue till Q2 2022