Fugitive Vijay Mallya to face fresh trouble as UK court orders bankruptcy proceedings against him

The long-fought battle by the CBI, ED and the Indian Government to expedite the extradition process of the fugitive businessman, has ultimately paid off with the UK Court recently ordering the extradition of liquor baron Vijay Mallya.

Trouble seizes to stop for the liquor baron Vijay Mallya, as a UK court has now begun bankruptcy proceedings against the fugitive business tycoon. Mallya is facing proceedings over fraud and money laundering charges amounting to an estimated Rs 9,000 crores.

According to reports, Vijay Mallya is facing bankruptcy proceedings in a London court brought by a consortium of lenders led by the State Bank of India and 12 other banks. The lenders want the court to declare Vijay Mallya bankrupt as part of their efforts to seize his assets in the UK to recover their loans amounting to 1.145 billion pounds, extended by them to Kingfisher Airlines which Mallya had guaranteed to repay.

Mallya had earlier lost his appeal in the UK’s Court of Appeal, against a High Court order in favour of 13 Indian banks to recover this loan. In fact, earlier a London Court had also ordered the confiscation of the six highly expensive cars of Mallya to repay loans to Indian Consortium of Banks.

- Advertisement - - Article resumes -

However, the businessman is planning to contest the fresh petition which, according to him, is “not sustainable”. When Sunday Times approached Vijay Mallya for his reactions on this latest predicament, Mallya replied: “Nothing different to what has been happening over the past four years since the (Indian) government began hounding me.”

The out on bail, 62-years-old, Kingfisher boss had earlier too, suffered a big blow in his quest to save his posh London home from foreclosure by Swiss bank UBS. It was reported in October 2018, that Swiss bank USB had moved the UK High Court seeking an order of eviction against Vijay Mallya, his mother and son from their plush multi-million-pound mansion overlooking Regent’s Park in London. The bank has sought repossession of the property over the non-payment of a 20.4 million pounds’ mortgage loan.

The court had passed the judgement after rejecting all the arguments relied on by Mallya’s legal team. This case relates to a mortgage taken out by Rose Capital Ventures, one of Mallya’s companies. The bank says that Rose Capital, through which the house was originally purchased in 2005, had not repaid the loan, which was stated to be for a period of five years and subject to early termination by the claimant.

According to UBS, despite the loan’s expiry and the claimant’s request that defendants vacate the property, the defendants’ had refused to move out.

The Kingfisher chief has been facing immense turbulence for a while now. The long-fought battle by the CBI, ED and the Indian Government to expedite the extradition process of the fugitive businessman, who was is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crores, has ultimately paid off with the Westminster Magistrates’ Court recently ordering the extradition of Vijay Mallya to India.

Vijay Mallya, however, defending himself, had asserted in court that the charges were politically motivated. He had also asserted that he had drawn the loans to keep his now-defunct company afloat and there is no fraud involved.


Share and Support:
Support OpIndia by paying for content

Most read articles recently

Amethi: Here is what Rahul Gandhi did in 10 years and Smriti did in 4 years

Analysis of the development of Amethi: 10 years of Rahul Gandhi vs 4 years of Smriti Irani

If such massive nations like Dubai and Singapore can be built in 20 years then why Amethi can’t be made into a world class constituency, either by Rahul Gandhi or Smriti Irani

Pro-Congress troll Abhishek Mishra arrested for offensive posts which hurt religious sentiments

Abhishek Mishra is was arrested by Delhi Police last night from Madhya Pradesh

Edelman Trust Report 2008 vs 2014 vs 2019: Here is how the Modi govt did vs the Congress govt

In an all-important election year, the Edelman Trust Barometer Global Report signals cheer for the central government led by Prime Minister Narendra Modi

Pallavi Ghosh does a Rahul Gandhi while talking about Uri box office collection and Twitter can’t stop laughing

News18 journalist trolled for wrong box office number in her tweet.

As Priyanka Gandhi Vadra becomes the UP East incharge, here is all you need to know about her colourful history

Congress has appointed Priyanka Gandhi Vadra as the in-charge of Uttar Pradesh East. It appears to be a shrewd move by the party to get its caste equations correct in the state and cut into the Upper Caste vote bank of the BJP

The art of propaganda: The articles associating Kumbh Mela with unemployment is the latest step in a civilizational war

Business Standard recently published an article associating Kumbh Mela to unemployment
Priyanka Gandhi's entry into politics as UP East incharge seems like a parody of Indian Politics

Priyanka Gandhi’s entry into politics seems like a skit where people dress up as politicians for laughs

For at least 10 years now, journalists, academics and intellectuals have been talking about the supposed charisma, intelligence and political acumen of Priyanka Gandhi

Pliant Media jubilant on the arrival of a non-achiever dynast in the politics

The media has gone gung ho on the formal entry of Priyanka Vadra into the politics

India Today journalist caught ‘directing’ Congress workers to appear excited about Priyanka Gandhi Vadra

India Today journalist later tried to defend herself by saying they were not Congress workers but the 'people of Prayagraj' and she was not feeding them words but was telling them what Rahul Gandhi had to say about it

Latest articles

Connect with us

129,003FansLike
105,152FollowersFollow
14,510SubscribersSubscribe

Don't miss these