Vijay Mallya loses over Rs 10,000 cr court case in UK courtby filed by 13 Indian banks
Vijay Mallya loses over Rs 10,000 cr court case in UK courtby filed by 13 Indian banks
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London [United Kingdom], May 9 (NT): Liquor Tycoon and defaulter of India,  Vijay Mallya faced a major slow down on Tuesday after he lost a court case filed in London by a association of Indian banks seeking to collect the amount of Rs. 10,000 crore amid accusation that he committed as an enormous scam.

According to the ruling that the association of lenders, including IDBI Bank, can slap an Indian court's decision against 62-year-old Mallya, who was found to have deliberately failed to pay on $1.4 billion in debt taken by his airline Kingfisher which is now obsolete.

Judge Andrew Henshaw in London also rejected to overturn an international freeze placed on Mallya's assets.

Mallya's lawyers now have the chance to appeal the decision to the Court of Appeals, which is the second highest court in the UK.

Mallya is facing a trail in the UK Court, to rule if he can be extradited to India to face charges for financial irregularities embroiling a total amount of Rs 9,000 crores, as well as money laundering cases.

In April last year, Vijay Mallya was detained by Scotland Yard on an extradition warrant, and then He is out on bail on a bond worth 650,000 pounds.

In addition the High Court of London on February 12 ruled to Mallya  paying an estimated USD 90 million to a Singapore-based aircraft leasing company in claims.

 

 

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