Still unable to bring back Mallaya, but some reprieve given by UK court to Indian banks
Wednesday - May 9, 2018 11:09 am ,
Category : GOSSIP CORNER
May 9 (WTN)- Vijay Mallya is wanted in India for Kingfisher Airlines' default on loans worth nearly Rs 9000 cr and some other matters.
A UK high court gave a decision in favour of to collect more than $1.55 billion from him. The court refused to overturn an Indian court's worldwide order for freezing of Mallya's assets. The UK high court judgment will enable banks to enforce an earlier judgment of an Indian court against Mallya's assets in England and Wales.
The Debt Recovery Tribunal had ordered the SBI-led consortium of banks to start the process of recovering Rs 6,203 crore, at annual interest rate of 11.5 per cent, from Vijay Mallya and his companies in the Kingfisher Airlines case.
Mallaya is on self-imposed exile in the UK since he left India on March 2, 2016.
-Window To News
A UK high court gave a decision in favour of to collect more than $1.55 billion from him. The court refused to overturn an Indian court's worldwide order for freezing of Mallya's assets. The UK high court judgment will enable banks to enforce an earlier judgment of an Indian court against Mallya's assets in England and Wales.
The Debt Recovery Tribunal had ordered the SBI-led consortium of banks to start the process of recovering Rs 6,203 crore, at annual interest rate of 11.5 per cent, from Vijay Mallya and his companies in the Kingfisher Airlines case.
Mallaya is on self-imposed exile in the UK since he left India on March 2, 2016.
-Window To News
