UK court rules Vijay Mallya have to pay 200,000 pounds to 13 Indian banks
UK court rules Vijay Mallya have to pay 200,000 pounds to 13 Indian banks
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LONDON: The UK High Court has ruled beset liquor tycoon Vijay Mallya to pay a minimum of 200,000 pounds towards the overheads incurred by 13 Indian banks in their legal battle to pull through alleged dues.

Last month, Judge Andrew Henshaw had said no to knock over an international order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks led by State Bank of India (SBI) were entitled to recover funds amounting to nearly 1.145 billion pounds.

As part of the judgment, the court has also ruled to 62 year old  Mallya to pay costs towards registration of the international freezing order and of the Debt Recovery Tribunal (DRT) of Karnataka's verdict in Britain.

The court's evaluation of costs is a separate process, which concludes with another court hearing before a specialist costs judge in the UK. But in the period in-between, Mallya must shell out 200,000 pounds towards this legal costs liability.

In a high court ruling dated May 8, Judge Henshaw had refused to overturn a worldwide order freezing Mallya's assets and support an Indian court's verdict that the association of 13 Indian banks - State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd - were permitted to recover funds amounting to nearly 1.145 billion pounds.

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