Indian banks win Rs10,000 cr lawsuit against Mallya in UK

Major setback for Vijay Mallya

"Dr Mallya's departure from India, to where he has never since returned, and his resistance to India's application to extradite him to face trial on serious criminal charges, provide some grounds for regarding him as a fugitive from justice".

Henshaw ruled that India's Debt Recovery Tribunal (DRT) judgement from January 19, 2017 which states that Mallya owes around Rs 9,000 crore to the banks, can now be legally registered and enforced in England.

Judge Andrew Henshaw refused to overturn a worldwide order freezing 62-year-old Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to almost Dollars 1.55 billion (1.145 billion pounds).

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The UK High Court on Wednesday said that businessman Vijay Mallya can be regarded as a "fugitive from justice". "Dr Mallya was unable to put forward any basis for contending that the disposal was not in breach of the Karnataka High Court's interim injunction, and accepted that it occurred after the Supreme Court had made clear that the injunction covered subsequently acquired assets It does, though, appear to me to have been in clear breach of the Karnataka court's order", he adds.

A super luxury yacht is owned by Vijay Mallya, before he abandoned it past year after his arrest on an extradition warrant in the UK.

The worldwide freezing order prevents him from removing any assets from England and Wales up to that value or to in any way dispose of, deal with or diminish the value of his assets in or outside of this jurisdiction, up to the same value. This is a big victory for the banks as even after they had been able to prove in the Indian court that he was a wilful defaulter they were not sure whether the British court would accept their plea. The tribunal had ordered the freezing of Mallya's assets all across the world.

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United Kingdom high court had earlier given enough time to Mallya's lawyer to respond. Mallya would remain on bail of 650,000 pounds. He was arrested past year by Scotland Yard on an extradition warrant.

Mallya could also seek permission to appeal against the high court decision in the court of appeal.

Mallya has also said government agencies are pursuing a "heavily biased investigation" and holding him guilty without trial.

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The Crown Prosecution Service (CPS), representing the Indian government, has claimed it has successfully established a prima facie case of fraud against the businessman.

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