Vijay Mallya, the fugitive industrialist of the closed Kingfisher Airlines, has suffered a major setback. Indian banks have won a major victory against Mallya in the British court, which is a fugitive in India on charges of fraud and money treatment. A group of Indian banks led by State Bank of India (SBI) have won an appeal to upheld the bankrupt order against Mallya. This decision is the victory of Indian banks in a long -standing legal battle. Banks will be able to claim Mallya’s assets in Britain to recover the outstanding loan amount from Kingfisher Airlines.
London court ruled in favor of Indian banks
London High Court Judge Anthony Mann ruled in favor of Indian banks, while two petitions filed by Vijay Mallya dismissed two petitions. Justice Mann said, “The arguments of the banks were such that they had to accept them. The main thing in this case is that the order of bankruptcy will remain in force.” This decision cleared the way for Indian banks to collect loan recovery from Mallya’s assets located in Britain.
Important decisions for banks
The legal firm representing Indian banks TLT LLP said that the decision has confirmed that banks have no protection on Mallya’s assets and bankruptcy petition is appropriate. The court also said that the income received from the assets seized by the Enforcement Directorate (ED) was conditional and did not waive loans under the English Act. Nick Carling, Legal Director of TLT LLP said: “This is an important decision for banks. We are happy with this result, as we are working for banks in relation to the decision of the Debt Recovery Tribunal (DRT) of £ 1.12 billion against Mallya since 2017.”
What is the whole matter?
Vijay Mallya is accused of a loan of about Rs 9,000 crore related to Kingfisher Airlines in India. He has been living in Britain since 2016 and India has been trying to extradite him. This decision has allowed Indian banks to confiscate Mallya’s assets in Britain for debt recovery, which is a major success.
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