Mallya loses over Rs 10,000 cr lawsuit in UK court

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New Delhi, May 9: Liquor Baron Vijay Mallya lost a lawsuit filed in London by a consortium of Indian banks seeking to collect the amount of Rs. 10,000 crore amid allegations that he committed massive fraud.

In its order, the Court said the consortium of lenders, including IDBI Bank, can impose an Indian court’s decision against Mallya, who was found to have willfully defaulted on $1.4 billion in loan taken by his now-defunct airline Kingfisher, news agency ANI reported.

Judge Andrew Henshaw also refused to overturn a countrywide freeze placed on Mallya’s assets.

Mallya’s lawyers now have the opportunity to appeal the decision to the Court of Appeals, the second highest court in the UK.

The 62-year-old is facing a trial in the UK Court, to rule if he can be extradited to India to face charges for financial irregularities involving a total amount of Rs 9,000 crores, as well as money laundering cases.

Last year in April, Mallya was nabbed by Scotland Yard on an extradition warrant. Presently he is out on bail on a bond worth 650,000 pounds.

Besides this case, the High Court of London on February 12 ordered Mallya to pay an estimated USD 90 million to a Singapore-based carrier leasing firms in claims.

The case involves a number of aircraft leased by Vijay Mallya’s now-defunct Kingfisher Airlines from BOC Aviation in 2014. However, the business denied the allegations levelled against him and claimed they are “politically motivated”.

WeForNews 

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