Banks demand more money from Vijay Mallya

Mallya, who now owes approximately Rs 10,000 crore to 13 Indian banks.

Banks demand more money from Vijay Mallya

Vijay Mallya, who is fighting legal battles in India and UK, faces another setback after the London high court ordered him to pay a further £1,75,000 (Rs 1.5 crore) towards the legal fees of a consortium of Indian banks after losing his high court case against them.

Mallya, who now owes approximately Rs 10,000 crore to 13 Indian banks, has already paid £200,000 (Rs 1.8 crore) in legal costs, the high court consent order, seen by TOI, states, meaning he will have to fork out £375,000 (Rs 3.3 crore) in total in legal costs for the banks in this case. He was ordered to pay £2,00,000 in legal costs the date the judgment was handed down, which was only a proportion of the banks’ legal fees in fighting their case.

Now he has reached a settlement with the banks, the latest document, dated August 13, by Judge Waksman QC, states. It reads: “Upon the first defendant (Dr Vijay Mallya) having made a payment of £2,00,000 to the claimants on account of their costs pursuant to the costs order,… it is by consent ordered that the first defendant shall within 60 days of …this order pay a further sum of £175,000 in full and final settlement of the claimants’ costs pursuant to the costs order.”

Mallya had sought permission to appeal the May 8 London HC judgment in which Andrew Henshaw QC had dismissed his application to set aside the registration of the Bengaluru Debt Recovery Tribunal judgment in the English courts which stated that he owed a consortium of 13 Indian banks Rs 6,203 crore as of January 19, 2017 (Rs 9,990 crore now).

Source : TOI

Related Post

Ferry with 150 people sinks in Bangladesh, 33 killed
views 66
DHAKA: At least 33 people, including many women and children, were killed on Sunday when an overcrowded ferry with over 150 passengers sank after a co...
School girl attacked with acid, and stabbed by her own cousin
views 58
INDIA, BHOPAL: A 20-year-old schoolgirl was attacked with acid and stabbed by her cousin in Balaghat district of Madhya Pradesh on Monday afternoon. ...
India interfering in Sri Lanka’s internal affairs, says Chinese think...
views 66
BEIJING: A Chinese government backed thinktank has accused India of interfering in the internal affairs of Sri Lanka when Prime Minister Narendra Modi...
India test fires N-capable Agni-II missile
views 49
Bhubaneswar: India Sunday test-fired its Nuclear-capable Agni-II strategic ballistic missile from a military base in Odisha, a defence official said. ...
Police arrest Hong Kong protesters
views 41
Hong Kong police have arrested four men as tensions once again flared after a small group of protesters broke into the city’s legislature through a si...