Court nods positive for liquidation of Vijay Mallya's seized assets; Parties affected open to appeal by Jan 18

Mumbai, January 01: Prevention of Money Laundering Act court in Mumbai allowed banks that lent money to Vijay Mallya to utilize seized assets on Wednesday, further affirming that all parties affected by the order could appeal at the Bombay High Court till January 18.

 

 

Last month, a consortium of Indian banks petitioned a London court for ex-billionaire Vijay Mallya to be declared bankrupt over ₹9,000 crore in unpaid debts. It comes as Mallya, who founded the now defunct Kingfisher Airlines Ltd, faces extradition to his home country of India.

 

Mallya had fled India in March 2016 and has been living in the United Kingdom since then. The 64-year-old former Kingfisher Airlines is fighting extradition to India in relation of fraud and money laundering allegations arising out of the debt acquired from the banks.

 

Mallya remains on bail pending the UK High Court appeal hearing in the extradition proceedings brought by India in relation to fraud and money laundering charges amounting to ₹9,000 crores. He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then. He was granted permission to appeal against his extradition order, which is scheduled in the Royal Courts of Justice in London for February.