UK commercial court passes an order in favor of 13 banks. These 13 banks give a collective loan of Rs 9000 crore to Vijay Mallya. UK government passed an order in favor of Indian banks to recover dues allegedly owed on liquor baron Vijay Mallya.

 

 

UK commercial court also passed an order to grant the permission to the enforcement officer, to enter one of the oldest property of Vijay Mallya. The property is 62-year-old tycoon’s in Hertfordshire near London.

The High Court Enforcement Officer passed an order stating that Enforcement Agent acting under his authority may use reasonable forces to enter the property of Vijay Mallya if necessary.

UK fiscal court passed this order on 26 June. After passing the order now, the banks have the option to use the law as one of the mean to recover the funds’ dues on Vijay Mallya. Estimated fund of Rs 1.145 billion is still to be rescued by banks from Mallya.

The decision taken by the UK commercial court is related on the UK’s Tribunal Courts and Enforcement Act 2007. Court overturn the worldwide order of freezing Mallya assets and recover all the dues of the Indian banks.

 

 

It was a first recorded case of a judgment of the debt recovery tribunal in India. Which is registered by the English high court?

Banks Who are Having Dues on Vijay Mallya

The decision taken by the UK commercial court is proved as the victory for 13 Indian banks. Which includes State Bank of India, Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank Ltd, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset.

After the UK commercial court took the decision, Mallya has made an application in the court for seeking permission to challenge the order. However, the news is an application created by him is still pending by the court.

 

 

Now Vijay Mallya has only one option left to appeal in the supreme court of England. Where he can argue that till court has made the final decision no steps should be taken against him.