London: Vijay Mallya on Tuesday faced a major setback after he lost a 1000 crore lawsuit filed by a consortium of Indian banks in London seeking to collect the amount of Rs. 10,000 crore amid allegations that he committed massive fraud.
The court in its judgment allowed the consortium including the IDBI bank to implement Indian court’s decision against Mallya, who was found to have willfully defaulted on $1.4 billion in debt taken by his now-defunct airline Kingfisher.
The judge also refused to overturn a worldwide freeze placed on Mallya’s assets. Mallya’s lawyers now have the opportunity to appeal the decision to the Court of Appeals, the second highest court in the UK.
62-year-old Liquor baron Mallya is facing is facing a trail in the UK Court, to rule if he can be extradited to India to face charges for financial irregularities involving a total amount of Rs 9,000 crores, as well as money laundering cases.
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