In a major blow to fugitive business tycoon Vijay Mallya, the UK High Court refused to revoke an order freezing Mallya’s assets. The Court upheld a judgement by an Indian court mandating a consortium of 13 Indian banks to recover funds amounting to $1.55 billion from Mallya.
The ruling by the UK High Court will allow the consortium of banks to recover funds by selling off Mallya’s assets in UK and Wales.
UK law firm TLT which represented the consortium in the UK High Court was quoted as saying after the verdict: “In dismissing Dr Mallya’s application, the High Court has demonstrated its willingness to recognise judgments granted by courts in other jurisdictions, giving parties opportunities to enforce their judgments against any assets held here. This case also sets a strong precedent for parties to secure a worldwide freezing order when enforcing judgments against wilful defaulters.”
Mallya had left India in 2016 after the consortium of banks were attempting to recover Rs 9,000 crores which Vijay Mallya took for his airline, Kingfisher Airlines and which was later shutdown.
—India Legal Bureau