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Vijay Mallya Loses $1.55 Billion Case In The UK

Published on 09 May 2018 by Shivi

A UK high court has passed an order for freezing the assets of infamous business tycoon Vijay Mallya, deciding in favour of the Indian banks. He has been living in the UK since March 2016 on a self-imposed exile.

The banks are seeking to collect more than $1.55 billion or Rs. 1.05 lakh billion from him. The court refused to overturn an Indian court's worldwide order for the freezing of Mallya's assets. He has been accused of defaulting loans worth Rs. 90 billion.

Mallya and Kingfisher Airlines are parties to numerous cases of money laundering, tax evasion and loan defaults. The court’s judgment will allow Indian banks to seize Mallya’s assets in England and Wales.

The litigation in the Queen's Bench Division of the commercial court in England's High Court of Justice lists State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd as applicants.

The banks can now enforce the UK judgment and sell the businessman's assets in England and Wales to recover the money dues. The worldwide freezing order prevents Vijay Mallya from removing any assets from the UK up to that value or to dispose of, deal with or diminish the value of his assets.

Tags: Default or Fraud 

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