UK High Court in May has closed all the doors for 13 Indian banks who are seeking ways to recover the funds from beleaguered liquor baron Vijay Mallya. The court then passed a verdict where it refused to overturn a worldwide order freezing Mallya's assets and also upheld the ruling of Indian court which allowed Indian banks to recover fund from the fugitive.
But now the court has a sense of relief to the consortium of respective banks by issuing an enforcement order in favor of them under which UK High Court Enforcement Officer can enter to Mallya’s premises. However, the orders are not for an instruction to enter but can be a great opportunity for the creditor of liquor baron.
“The High Court Enforcement Officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya),” Justice Byran ordered on 26th June. “The High Court Enforcement Officer, including any Enforcement Agent acting under his authority, may use reasonable force to enter the Property if necessary,” it further stated.
The passed verdict can be used by the banks to bring back the estimated funds of around 1.145 billion pounds which were owed to them by the beleaguered.
The enforcement order must have dump down Mallya’s expectation for which he made an application in Court of Appeal to seek permission for going against the order. However, the plea is pending.
The allegedly fugitive opens up after a long time condemn the charges and further stated them as politically motivated. Notably, the tycoon is fighting a extradition to India on fraud and money laundering charges of amount worth Rs 9,000 crores approximately.
The legal process of setting out available assets of approximately Rs 13,900 crores for the repayment to the banks was the reason that he termed for the “a long period of silence”. He wrote on social media that: “We have requested the Court's permission to allow us to sell these assets under judicial supervision and repay creditors, including the Public Sector Banks such amounts as may be directed and determined by the Court,". The tweet further reads: “If the criminal agencies such as ED or CBI object to my proposal, and object to the sale of assets, it will clearly demonstrate that there is an agenda against me 'the Poster Boy' beyond recovery of dues to Public Sector Banks,”
Notably, the tycoon is on bail after the arrest on an extradition warrant in April last year. Previously, he also questioned the conditions at Arthur Road Jail in Mumbai(where he will be held post extradition)
