In major win, Indian banks can seize Mallya's global assets

Vijay Mallya, absconding fraudster from India, lost a major lawsuit in United Kingdom court, allowing Indian banks to sell his United Kingdom assets to recover loan amount up to Rs 10,404 crore. Most of his business interests were in or closely connected with India, most notably United Breweries Group and Kingfisher Airlines...

"In dismissing Dr Mallya's application, the High Court has demonstrated its willingness to recognise judgments granted by courts in other jurisdictions, giving parties opportunities to enforce their judgments against any assets held here".

With the DRT judgment in their favour the banks got an order to freeze the assets across the world of Mallya for the sake of recovering their dues.

Vijay Mallya has suffered a serious setback in the high court in London with a judge ruling that a legal judgment against him in India can be enforced against his assets in England and Wales, which means that they may be seized and sold.

"Today's judgment is a very important decision not just for our clients, who want to proceed in this jurisdiction with enforcing the judgment they secured against Dr Mallya in India, but also for Indian and global banks more generally", said Paul Gair, partner at British law firm TLT that represented Indian banks in this lawsuit.

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Andrew Henshaw is the judge who has given the decision against him. "Since these matters are unverified, I do not consider I can take account of them". The ruling will also give the Indian government's extradition proceedings against Mallya, which are expected to conclude in July 2018, a much-needed boost. Now, Mallya is left with the only option of directly petitioning the UK's Court of Appeal.

The law firm that represented Indian banks in the case described the ruling as significant.

Vijay Mallya, who remains on bail since his arrest on an extradition warrant in April a year ago, will return for the last leg of his ongoing extradition trial at Westminster Magistrates' Court in London on July 11, after which the court is expected to set a timeline for judgment in that case.

Extradition attempts to India have so far been unsuccessful, as Mallya claims the extradition order is politically motivated.

They accepted the evidence presented by the banks and the government of India to prove "dishonesty" on the part of Vijay Mallya on the ground that he acquired the loans through misrepresentation and had no intentions of repaying them.

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