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

189 prisoners ‘missing’ in India, says Pakistan
views 44
Even before India and Pakistan can get down to more serious business later this month, they might have to resolve the curious case of 189 "missing" Pa...
Six held over China ‘cult’ killing
views 60
Six members of a religious cult have been arrested over the death of a woman at a McDonald's restaurant in eastern China. The accused, including four ...
Six passengers from Sri Lanka arrested in Bangladesh
views 157
Six passengers who had arrived from Sri Lanka were arrested at the Dhaka airport, the BD news agency reported. Six passengers from Sri Lanka via Pakis...
India: 25,000 women died due to dowry in last two years
views 79
Around 25,000 women were either killed or committed suicide due to dowry harassment by their in-laws between 2012 and 2014, Union minister Maneka Gand...
‘Friendly fire’ kills Nato troops
views 60
Five Nato service members have been killed in an apparent friendly fire incident in southern Afghanistan, the international coalition says. A US defe...