All these days Rahul Gandhi and his friends were busy mocking PM Modi questioning him on Vijay Mallya who fled the country after he failed to repay loans. Vijay Mallya who had taken a loan of 1.5 Billion (9 thousand crores) from the Indian banks deliberately failed to pay the amount and absconded from India.
Following this, the Indian government took stringent action against Mallya after which 14 Indian banks filed a lawsuit in the British High Court seeking a seize on all his properties in England and Wales to recover the amount. They had argued that Mallya should not be able to dispose off or diminish his worldwide assets up to the value of £1,145,000,000 (Rs 10,210 crore). The Debt Recovery Tribunal of the Karnataka had also filed a complaint saying that Vijay Mallya woes the bank around 6,000 crores plus an interest of 9,863 crores. UK high court judge Andrew Henshaw QC handed down judgment in favour of a consortium allowing the Indian banks to seize the properties of Vijay Mallya in England and Wales.
Judge Henshaw in his written judgement said “There is a risk of the value of Dr Mallya’s assets deteriorating, and, or, being subject to claims by other creditors, and a risk of Dr Mallya being declared bankrupt. Dr Mallya’s departure from India, to where he has never since returned, and his resistance to India’s application to extradite him to face trial on serious criminal charges, provide some grounds for regarding him as a fugitive from justice.”
This verdict has come as a major blow to Vijay Mallya, who now cannot sell his properties without repaying the loans to the Indian banks. Following the order, the absconding businessman can only access 20,000 pounds a week under freeze order.
Now the Debt Recovery Tribunal can seize all properties of Vijay Mallya and sell them to the third party to recover the entire loan amount. Vijay Mallya is also in a fix after the UK court stated that Mallya cannot transfer any amount of money to India in any form. So, Vijay Mallya is completely trapped and there is no way for him other than to return the money.
Paul Gair, the partner at TLT, the UK law firm representing the banks, told TOI: “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. This case also sets a strong precedent for parties to secure a worldwide freezing order when enforcing judgments against wilful defaulters. Following the decision today, the banks are now considering the enforcement options available to them in order to recover the sums due from Dr Mallya under the DRT judgment, which is now enforceable in England and Wales as if it were a judgment given by the English courts.”
This major development came after Indian government held close talks with the British government seeking co-operation to extradite Vijay Mallya on charges of willful default. The UK government had promised full co-operation and gave full support to India which has now resulted in trapping Mallya.
Mallya also faced double blow after the Delhi court issued fresh directions to attach the properties of Vijay Mallya, who was declared a proclaimed offender for evading summons in a money laundering case related to FERA violations.
It is now only a matter of time that Vijay Mallya will be made to pay every penny that he looted from Indian banks. He will be made answerable to the people of India for every default he has done. This will not just be a blow to Vijay Mallya, but also his friends in Congress who is said to be directly responsible for the shut down of Kingfisher Airlines in which the son in Law of Sonia Gandhi is said to have played a role. It is believed that Robert Vadra had sort shares in Kingfisher Airlines which was refused by Mallya. After which the Congress went against him which resulted in complete shut down of the airlines (Inside Source).
Rahul Gandhi who blamed PM Modi for Mallya’s escape will probably have a lot to answer once the internal links of Mallya is exposed. PM Modi who said that he will not spare any corrupts, is walking the talk!
British High Court has ruled on Tuesday that an Indian judgement against fugitive Vijay Mallya can legally be enforced against his assets in England and Wales. This means Mallya's assets in England and Wales can now be seized and sold to recover loans. https://t.co/DLOf7dTP5l
— Kanchan Gupta (@KanchanGupta) May 8, 2018
So, will we now see Vijay Mallya in rags, begging at bread-and-soup charity kitchens? Will he shift to a Tower Hamlet? Or has he stashed cash someplace else?
Interestingly, he has 'given away' Tipu's sword which he had bought with great fanfare because it fetched him bad luck☺️
— Kanchan Gupta (@KanchanGupta) May 8, 2018