March 7, 2021

Vijay Mallya Fund UK High Court refuses to release money

Image Source: AP PHOTO

The UK High Court has refused to release money to Vijay Mallya

A UK court has denied access to a substantial portion of money held by a UK court finance office to fleeing businessman Vijay Mallya as part of a massive bankruptcy proceedings initiated by the Federation of Indian Banks. A judge in the Bankruptcy and Companies Court in the High Court in London refused to release the funds, saying Mallya had failed to provide the necessary information to allow the funds to be released.

Judge Sebastian Brentis, however, agreed to allow enough funds to cover up the appeal, which is expected to appeal against Mallya’s refusal on Wednesday (January 13).

Mallya, 65, was ordered to surrender to India in 2018 to face charges of defrauding the Federation of Indian Banks of more than 1 1 billion in 2009 in connection with the now defunct Kingfisher Airlines.

The extradition order was upheld by an appeal to the UK High Court in April 2020.

However, UK Home Secretary Priti Patel has suspended the signing of the handover order due to legal technology currently being handled by the UK Home Office.

Mallya is also believed to have sought political asylum in the UK.

He sought to release funds as he continued his legal battles. The businessman sought court approval to use 2. 2.9 million of the proceeds from the sale of a mansion on the island of St. Margaret on the Mediterranean island off the south coast of the French Riviera.

Revenue from sales and other assets is held by Mallya, which is in the CFO office, while State Bank, Bank of India (SBI), Punjab National Bank (PNP) and United Bank of India As India tries to make up for their loss.

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Mallya’s lawyer, Philip Marshall, told the court he needed money urgently to pay his client legal fees. He also said that the income that Mallya had relied on through the “consultation” work had also stopped.

Judge Prentice, in rejecting the ruling, questioned what had happened to Mallya’s other assets, including a string of jewelry and luxury cars – including a valuable vintage Ferraris. Marshall said all of his assets were under “control orders” and that Mallya had more than ,000 250,000 in a bank account.

Barrister Tony Besveterik, who represents Indian banks, said the release of these funds would give Mallya the opportunity to disburse funds owed to banks.

A full hearing on the release of any funds to Mallya for payment of legal fees and living expenses is expected to take place in the High Court on January 22.

(With ANI entries)

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