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British Government Orders Seizure Of Mallya’s Properties In UK.

Courtesy/By: Snigdha Kashyap | 06 Jul 2018

Almost two months after 13 Indian Banks won landmark debt recovery case against beleaguered liquor baron Vijay Mallya who is fighting extradition to India on charges of fraud and money laundering worth Rs 9000 crore.The order was issued by the business and property bench of UK high Court permitting the search and taking control over goods of Mallya’s property in London.

The order issued by Justice Bryan stated that courts ‘enforcement officer may enter Mallya’s both properties in Tewin including all outbuildings of Ladywalk and Bramble Lodge

The latest order by the High Court's Queen's Bench Division states that the High Court Enforcement Officer, acting under his authority, may use reasonable force to enter the property if necessary.

UK High Court ruling in upheld an Indian court's ruling that the Indian banks were entitled to recover funds. The victory of the 13 Indian banks including State Bank of India, Bank of Baroda, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank among others enables them to recover their funds by enforcing the Indian judgment against Mallya’s property in England and Wales.

In response , Mallya filed an application in the Court of Appeal seeking permission to appeal against the order, which remains pending as of now. “The charges against him are politically motivated,” stated the former Kingfisher Airlines boss

Courtesy/By: Snigdha Kashyap | 06 Jul 2018