Mallya loses $1.55-bn assets case in UK court
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.