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21 Feb 2024, Edition - 3144, Wednesday

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India News

Blow for Mallya as UK court rules in favour of Indian banks

www.bfirst.in

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London: There is more bad news for once-king of good times – Vijay Mallya. A UK High Court judge has issued an enforcement order in favour of the consortium of 13 Indian banks seeking to recover funds from the fugitive businessman, reported PTI. The order grants permission to the UK High Court Enforcement Officer to enter the Mallya’s properties in Hertfordshire, near London.

It permits the officer and his agents entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, where Mallya is currently based. However, it is not an instruction to enter, which means the banks have the option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.

“The High Court Enforcement Officer, including any enforcement agents acting under his authority, may enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, including all outbuildings of Ladywalk and Bramble Lodge to search for and take control of goods belonging to the First Defendant (Mallya),” notes the order by Justice Byran, dated June 26.

The order relates to the UK’s Tribunal Courts and Enforcement Act 2007 and follows a UK High Court ruling in May, which refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that the Indian banks were entitled to recover funds, the report said. The win for the 13 Indian banks enables them to enforce the Indian judgment against Mallya’s assets in England and Wales.

SOURCE : http://www.bfirst.in/category/nation/blow-for-mallya-as-uk-court-rules-in-favour-of-indian-banks-499203

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