Vijay Mallya failed to convince the UK court to dismiss the efforts of Indian banks to recover the arrears

The Republic India London: Vijay Mallya failed to convince the British High Court of dismissing an order related to money in a London bank account on Wednesday, to prevent a union of Indian banks from getting access to around 260,000 pounds of alcohol The efforts of the businessman shocked. . In one of the many legal cases facing the 63-year liquor trader in the UK, Master David Cook ruled that an interim loan order in favor of SBI and other banks, ICICI demanded access to funds in the UK bank account “Be forceful” but that the application should be postponed until the hearing of the pending bankruptcy petition of Mallya to finalize it Yes. ”

In the meantime, the funds will remain frozen in the form of part of the cold order around the world in favor of Indian banks last year. Mallya’s lawyers had argued for dismissing an interim order on several grounds, claiming that it was “deliberate compromise” to prevent Mallya being “justified”.

“I reject this proposal that the application for TPDO (Third Party Date Order) was a deliberate agreement to the ability of Dr. Mallya to fulfill their normal living and proper legal expenses, which is devoid of WWW (Worldwide Freezing order). “Master Cook noted in his decision.

“The relevant context here is that Dr. Mallya is in a post decision scenario where the claimant (Indian bank) is trying to implement his decision and find out the actual limit of his property. I pay attention to Dr. Mallya Has not made any voluntary payment till date. In order to implement its decision, continuing to take adequate legal costs in protest against claimants’ efforts, “They Said.

This case revolves round about 258,559.79 pounds held in ICICI Bank’s bank account, which has been named as a third party in the case of the High Court. This TLT is one of the many orders followed by the LLP, under the efforts of some of the payments of 1.142 billion pounds made from proceedings in the Bangalore Debt Recovery Tribunal (DRT) against Kingfisher, the legal firm working for Indian banks. Airlines and others.

The case of the DRT was filed in the UK under the Foreign Decision (Reciprocal Enforcement) Act 1933 and in favor of Indian banks in an appeal in May 2018. Since then, banks have filed a bankruptcy petition against Mallya in UK courts, which is being challenged by the former Kingfisher Airlines owner and is expected to come for hearing in December this year.

Meanwhile, in another legal intervention, Mallya is demanding a ban on all enforcement proceedings, which started in September last year after the submission of bankruptcies by Indian banks, whose hearing is expected next month. .

The future course of funds sought by SBI, Bank of Baroda, Corporation Bank, Federal Bank Limited, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank will be determined by the result of that hearing. . , State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Company Pvt.

Meanwhile, Mallya has been on bail after the British Home Secretary Sajid Javid signed his extradition in February and is also seeking a leave to appeal against the order in the High Court.

piyush

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