Monday, May 10, 2021
Home News Reports Vijay Mallya loses lawsuit in UK filed by Indian banks seeking to collect more...

Vijay Mallya loses lawsuit in UK filed by Indian banks seeking to collect more than $1.5 billion

Vijay Mallya, who has been absconding from India since 2016 lost a UK lawsuit filed by Indian Banks seeking to collect more than $1.5 billion in connection with the alleged fraud committed by him.

Judge Andrew Henshaw in London stated on Tuesday that the lenders, one of them being IDBI bank Ltd., can enforce an Indian court ruling that relates to Mallya wilfully defaulting about $1.4 billion in debt for his Kingfisher Airlines Ltd. The Kingfisher Airlines was a premier airline founded in 2005 and shut down its operations seven years later.

Mallya was recently arrested in London on April 18 on a warrant issued by Indian authorities on charges of committing conspiracy to defraud IDBI Bank through a Rs 91 billion loan to Kingfisher Airlines Ltd. Judge Henshaw also refused to overturn a worldwide order freezing Mallya’s assets on Tuesday.

The 62-year-old Mallya is fighting numerous lawsuits in the UK as well as in India for allegations ranging from committing massive fraud to conspiracy. He was arrested in 2017 and has been fighting to block extradition in a different court just three blocks away.

Judge Hershaw also refused permission to appeal Tuesday’s ruling, which entails that his lawyers now will have to petition the Court of Appeal directly. No comment was made by the lawyers representing Mallya.

The attorneys from TLT law firm in London stated how the recent judgement will help them to enforce the underlying judgement by the Indian Debt recovery tribunal immediately. TLT is representing the lenders in this case. The freeze had forced Mallya to live on 5000 pounds per week but it was raised to around 20,000 pounds per week earlier.

With the walls closing in on Vijay Mallya and the Modi government coming up with the ‘Fugitive Economic Offenders Ordinance‘, it remains to be seen how long Mallya can evade the law and not answer for his fraud to the Indian authorities.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

SC puts Prashant Kishor’s appointment as advisor to Punjab CM under the scanner, seeks response from Congress-ruled state govt

Prashant Kishor had recently declared that he is quitting his career as political strategist and would look at an alternate career

BMC chief explains why it is not the Modi govt but the states that need to be blamed for the oxygen crisis

BMC chief said that mismanagement of states is responsible for the oxygen crisis and increased number of SOS calls

Yogendra Yadav was aware of the rape of a woman by AAP leaders at the Tikri border ‘farmer’ protest site: Report

A report published in Dainik Bhaskar says that Yogendra Yadav was intimately aware of the sexual assault of a woman at the Tikri protest site and yet he remained tight-lipped about the incident

Uttar Pradesh: Boeing to construct a 200-bed COVID hospital in Gorakhpur

UP state government is rapidly working on expanding medical facilities in the state in collaboration with various corporate and multi-national companies while using all available government resources.

Why do ‘liberal’ celebrities wish death upon ‘Bhakts’ to ‘teach them a lesson’?

If you have even tiny bit of humanity in you, you wouldn't wish death upon anyone, especially if you consider them human.

Rape and blackmail of a woman at Samyukt Kisan Morcha protest site, two AAP members named as accused

Woman allegedly gang raped at farmer protest site, two AAP members named as accused.

Recently Popular

‘Dominance of one religious group cannot prevent religious celebrations of other’, says Madras HC after local Muslims object to Hindu procession

The Madras High court concluded that similar acts of 'resistance' by other religious groups would result in loss of lives, destruction of properties, riots, religious fights and chaos.

Here is how The Lancet used dubious sources to blame Modi Govt for the Covid crisis

Following the abrogation of Article 370, The Lancet had issued a strong condemnation of the Indian Government.

Iran: 20 year old youth Alireza Fazeli Monfared beheaded by half brother, cousins for being gay

Alireza Fazeli Monfared, a 20 year old Iranian youth, was murdered by his brother and cousins due to his sexual orientation.

‘Won’t last here for a week’: Instagram removes Kangana Ranaut’s post for calling Covid ‘small time flu’

Bollywood actress Kangana Ranaut has said that she believes she will not survive a week on Instagram after a post was removed.

Arvind Kejriwal govt expels 7 journalists from Whatsapp group after report critical of govt handling of oxygen crisis, senior journalists keep mum

The Arvind Kejriwal government has been the darling of the media for a long time but it seems to want absolute devotion

Parody Tinder accounts of ‘newly single’ Bill Gates emerge after his divorce announcement, promise exclusive ‘third dose’ of vaccine

The fake profiles on Tinder appeared right after Bill Gates announced that he is getting a divorce from his wife Malinda Gates
- Advertisement -

 

Connect with us

254,882FansLike
540,716FollowersFollow
24,300SubscribersSubscribe