Monday, May 20, 2024

Vijay Mallya’s repayment plea should not affect UK insolvency proceedings: SC

The Supreme Court on Monday said that the pendency of Vijay Mallya’s plea regarding the repayment plan arising out of the charges by the Enforcement Directorate of financial irregularities against him to the tune of Rs. 9,000 crores is no ground to stall any other proceedings in other jurisdictions.

The Indian government has filed insolvency claim against Vijay Mallya in London. Today the Centre told the bench of CJI SA Bobde, and Justices B.R. Gavai and Surya Kant, that Mallya used the pendency of his repayment plea to stall the UK Court from delivering a verdict in the proceedings.

Mallya had sought a stay from the apex court in July last year on the confiscation of properties owned by him and his relatives, including two superyachts, a game reserve in South Africa, numerous undeclared high-value and vintage cars, valuable paintings and a piano previously owned by famous British singer-songwriter Elton John which the Bombay High Court had allowed being confiscated. The case is still pending before the Supreme Court.

Mallya, who fled to the UK in 2016, has consistently maintained that the Centre has fabricated the charges of financial irregularities against him despite his willingness to clear his unsettled loans.

The matter will be further heard this Friday.

— India Legal Bureau


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