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Vijay Mallya: Indian banks won against Vijay Mallya in court, but battle is far from over | India News

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LONDON: A consortium of 13 Indian banks may have won a high court battle against Kingfisher Airlines founder Vijay Mallya on Tuesday, but there are still significant hurdles for the banks ahead.

On Tuesday, a UK high court judge ruled that an Indian judgment against him can legally be enforced against his assets in England and Wales. That judgment states that Mallya owes the banks more than Rs 9,000 crore.

UK high court enforcement officers can now act to recover those debts from his assets in England and Wales. However the “opaque and complex” ownership structure of Mallya’s various UK properties are frustrating attempts by the Indian banks to establish if they are his assets, court documents seen by TOI reveal.

“It is common ground that Dr Mallya holds his assets through a network of complex ownership structures. He has been less than forthcoming in providing details when pressed,” skeleton submissions by Nigel Tozzi QC, representing the banks in the UK high court, state.

Mallya could also seek permission to appeal against the high court decision in the court of appeal. He will receive permission if the court considers that the appeal has a real prospect of success or there is some other compelling reason for it to be heard.

Updated: May 9, 2018 — 6:46 pm

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