Mallya loses plea against freezing of assets


The Hindu

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


Mallya loses plea against freezing of assets

The London court ruling is seen as a legal victory for a consortium of Indian banks seeking to recover £1.145 billion worth of assets.

Fugitive businessman Vijay Mallya’s efforts to challenge the registration of a ruling by India’s debt recovery tribunal in the UK, and the freezing of international assets, failed on Tuesday. A court in London ruled against Mr. Mallya in what will be seen as a legal victory for a consortium of Indian banks seeking to recover £1.145 billion worth of assets.

The applications — in the Commercial Court Queens Bench division in London — had been running separately from the Indian government’s efforts to extradite Mr. Mallya to face allegations of fraud and money laundering.

Mr. Mallya had sought to challenge the registration of the debt recovery tribunal’s judgement from January 2017, and a worldwide freezing order that prevented him from removing — or diminishing – his assets in England and Wales.

“In dismissing Dr Mallya’s application, the High Court has demonstrated its willingness to recognise judgments granted by courts in other jurisdictions, giving parties opportunities to enforce their judgments against any assets held here,” said Paul Gair, partner at TLT, a UK-based law firm that represented the 13 Indian banks, including in securing the registration and freezing order on November 23 last year.

“This case also sets a strong precedent for parties to secure a worldwide freezing order when enforcing judgments against wilful defaulters…. Today’s judgment is a very important decision not just for our clients, who want to proceed in this jurisdiction with enforcing the judgment they secured against Dr. Mallya in India, but also for Indian and international banks more generally,” he said.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




State level Table Tennis tournament held @Milagres
View More

@ Rosario Grounds, Mangalore@ Rosario Grounds, Mangalore
Photo Album:

Ronald Andrade (67), laid to Rest.
Comments:

Obituary: Ronald Andrade (67), Kambla Thota, Kemmannu
Rozarich Gaanch September- 2018Rozarich Gaanch September- 2018
Flat For Sale in BrahmavarFlat For Sale in Brahmavar
Milarchi-Lara-September-2018Milarchi-Lara-September-2018
Welcome to Thonse Naturecure HospitalWelcome to Thonse Naturecure Hospital
Santhosh Villa short film by youth of Udupi Parish and ICYM.Santhosh Villa short film by youth of Udupi Parish and ICYM.
Crossland College, Year book 2017-18Crossland College, Year book 2017-18
Watch Eye to Eye by Avila D’souzaWatch Eye to Eye by Avila D’souza
Delite Caterers and Delite Event ManagementDelite Caterers and Delite Event Management
An appeal to Kemmannu Parishioners, Friends and Well Wishers:

[Comments]

An appeal to Kemmannu Parishioners, Friends and Well Wishers:<P> <Center>[Comments]</P> </Center>
Read online Uzvaad:<font color=red> Read online Uzvaad</font color=red>:
For all your travel needs contact Sequeira TouristFor all your travel needs contact Sequeira Tourist
Power Care Services, MoodubellePower Care Services, Moodubelle
Read Online RaknnoRead Online Raknno
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
Udupi TodayUdupi Today
St. Alphonsa of India