Tuesday, October 20, 2020
Home Crime Fugitive Vijay Mallya to face fresh trouble as UK court orders bankruptcy proceedings against...

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.

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.

  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

Times of India spreads fake news about PV Sindhu quitting national camp due to fall-out with family and coach: Here is the truth

Badminton world champion PV Sindhu has left the national camp meant for Olympic hopefuls and travelled to London to work on her recovery and nutrition.

Twitter first says Leh a part of China, then, they say technical glitch, gets it horribly wrong even after fixing it: Read how

Nitin A Gokhale found that the microblogging platform had not fixed the technical glitch, despite being well aware of the sensitivity around it.

Anti-Trump legal analyst of CNN and The New Yorker contributor suspended after masturbating on Zoom call

Jeffrey Toobin has offered an apology for masturbating on the Zoom video call and said that he thought he had put the video and audio on mute.

ABP News team attacked, stones pelted at crew in RJD held constituency of Arwal

RJD's Ravindra Singh is the sitting MLA from Arwal. ABP's Sumeet Awasthi had shared that a local IYC leader has been threatening to beat up anchor Akhilesh Anand.

Rajdeep Sardesai and India Today secure a gag order against social media user who had said they took 8 crores for Rhea interview

Issuing an order on India Today petition, the Delhi HC has ordered Twitter to suspend the man named Anurag Srivastava, and Google to remove the content from search results.

Recently Popular

After Chinese phones blocking weather data for Arunachal and Ladakh, now Twitter shows Leh as part of China

Security analyst Nitin A Gokhale found that Twitter has labelled Leh in Ladakh as part of People's Republic of China (PRC)

In 2012 ‘out of town’ Salman Khan partied with Parambir Singh in Mumbai on day Bandra cops could not serve him Court summons for...

As reported by Mid-Day in 2012, Salman Khan and Parambir Singh were both found attending a Christmas party hosted by Sunny Dewan and his wife Anu Dewan in Mumbai. This when the Bandra cops claimed Khan was not in town.

During 26/11 Mumbai attack, Param Bir Singh refused to be on ground and take on terrorists, then Mumbai CP Hasan Gafoor had said

Hasan Gafoor, who was the Mumbai Commissioner of Police during the 26/11 Mumbai terror attacks, had accused senior police officials, including Param Bir Singh of not taking on the terrorists.

Rajdeep Sardesai and India Today secure a gag order against social media user who had said they took 8 crores for Rhea interview

Issuing an order on India Today petition, the Delhi HC has ordered Twitter to suspend the man named Anurag Srivastava, and Google to remove the content from search results.

TimesNow joined the Left in condemning Republic TV to hell, now, the Left is gunning for them too

The 'TRP scam' started off when Mumbai Police Commissioner Parambir Singh named Republic TV and hid the fact that the FIR which was filed, based on the Hansa Research Report, named India Today

Republic TV’s Arnab Goswami to sue Param Bir Singh for Rs 200 crore after Maha Govt’s admission in Mumbai High court

Maha Govt and Mumbai police distances itself from the allegations meted out at Republic TV by PC Param Bir Singh
- Advertisement -

BSP MLA Vinay Shankar Tiwari and wife booked by CBI in Rs 750 crore bank fraud case

Vinay Shankar Tiwari from BSP is the sitting MLA from Chillupar, Gorakhpur.

Times of India spreads fake news about PV Sindhu quitting national camp due to fall-out with family and coach: Here is the truth

Badminton world champion PV Sindhu has left the national camp meant for Olympic hopefuls and travelled to London to work on her recovery and nutrition.

UK: Conservative party’s Israel body condemns BBC’s attempt to portray convicted Hamas terrorist as a victim, asks to apologise

CFI urges BBC to apologize to victims of 2001 Jerusalem bombing for showing Tamimi as a victim. The US has a 5 million USD bounty on Ahlam Tamimi.

Twitter first says Leh a part of China, then, they say technical glitch, gets it horribly wrong even after fixing it: Read how

Nitin A Gokhale found that the microblogging platform had not fixed the technical glitch, despite being well aware of the sensitivity around it.

Anti-Trump legal analyst of CNN and The New Yorker contributor suspended after masturbating on Zoom call

Jeffrey Toobin has offered an apology for masturbating on the Zoom video call and said that he thought he had put the video and audio on mute.

ABP News team attacked, stones pelted at crew in RJD held constituency of Arwal

RJD's Ravindra Singh is the sitting MLA from Arwal. ABP's Sumeet Awasthi had shared that a local IYC leader has been threatening to beat up anchor Akhilesh Anand.

Hyderabad: Hindu woman confronts boyfriend Syed Mustafa over marriage promises, stabbed to death by him and his brother

24-year-old Hindu woman was brutally stabbed to death by her lover Syed Mustafa and his brother on Saturday night at Rein Bazar neighbourhood of Hyderabad

Days after an Islamist brutally beheaded a teacher, France Govt prepares to expel 231 religious extremists from the country

France is planning to come down hard on religious extremists after an Islamic youth beheaded a teacher recently

Congress, media target Varun Gandhi for unwillingness to speak to a stranger late at night: Here is who the man was and why he...

The Congress party has decided to go after BJP MP Varun Gandhi after a leaked version of his conversation found its way to the media.

India formally invites Australia to join the 2020 Malabar trilateral naval exercise, Australia confirms full participation: Read details

It will be the first time all members of the regional grouping known as the Quad will participate in the Malabar naval exercise

Connect with us

245,563FansLike
464,966FollowersFollow
18,700SubscribersSubscribe