Vijay Mallya! Keep 2 lakh Pounds ready, you have to pay to Indian Banks: UK Court

NewsBharati    16-Jun-2018
Total Views |

London, June 16: The UK High Court has ordered embattled liquor tycoon Vijay Mallya to pay a minimum of 2 lakh pounds towards the costs incurred by 13 Indian banks in their legal battle to recover alleged dues.


 

“The court ordered that Mallya pay the banks’ costs. The standard order is that the court will assess those costs unless the parties can otherwise agree on a figure for what should be paid,” said a legal expert familiar with the case.

Last month, Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks led by State Bank of India (SBI) was entitled to recover funds amounting to nearly 1.145 billion pounds.

As part of the judgment, the court has also ordered Mallya, to pay costs towards registration of the worldwide freezing order and of the Debt Recovery Tribunal (DRT) of Karnataka's judgment in Britain.

The worldwide freezing order prevents him from removing any assets from England and Wales to outside. The litigants include the State Bank of India, Punjab National Bank, Bank of Baroda, IDBI Bank among others.

The Crown Prosecution Service, representing the Indian government, had claimed that Mallya acquired loans through misrepresentation and had no intentions of repaying them. The claim brought by 13 Indian banks against the 62-year-old businessman was heard in the High Court in the UK last month.