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Mallya loses USD 1.55 billion assets case in UK court

Press Trust of India  |  London 

Embattled liquor tycoon Vijay Mallya, undergoing an extradition trial in a over fraud and money laundering charges by Indian authorities, today lost a lawsuit filed by the Indian banks in the seeking to collect from him more than USD 1.55 billion.

refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly USD 1.55 billion (1.145 billion pounds).

The victory for the banks will enable them to enforce the Indian judgment against Mallya's assets in England and The worldwide freezing order prevents him from removing any assets from England and up to that value or to in any way dispose of, deal with or diminish the value of his assets in or outside of this jurisdiction, up to the same value.

The claim brought by 13 Indian banks against the 62-year-old was heard in the last month.

The litigation in the of the commercial court in England's of Justice lists the State of India, of Baroda, Corporation bank, Federal Ltd, IDBI Bank, Indian Overseas Bank, Jammu &a Kashmir Bank, & Sind Bank, National Bank, State Bank of Mysore, UCO Bank, United Bank of and as the applicants.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 08 2018. 21:20 IST
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