Mallya loses $1.55-bn as­sets case in UK court

India Business Journal - - NEWS ROUND-UP -

Vi­jay Mallya lost a law­suit filed by 13 Indian banks in the UK High Court last month, seek­ing to col­lect from him more than $1.55 bil­lion. The claim re­lates to a judg­ment of the Debt Re­cov­ery Tri­bunal in Kar­nataka, which had ear­lier con­cluded that Mr Mallya was "li­able" to the banks in the sum of Rs 6,203 crore plus in­ter­est. The vic­tory for the banks will en­able them to en­force the Indian judg­ment against Mr Mallya's as­sets in Eng­land and Wales. Em­bat­tled liquor ty­coon is also un­der­go­ing an ex­tra­di­tion trial in a UK court over fraud and money laun­der­ing charges by Indian au­thor­i­ties.

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