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Vijay Mallya’s properties to be seized

The Queen’s Bench division of the Commercial Court of London has issued an order against the business tycoon Vijay Mallya. Vijay Mallya’s country residence, Ladywalk, Bramble Lodge and outbuildings of both properties in Tewin, in the English county of Hertfordshire can be searched and his assets can be seized as a means of recovering the money he owes to the banks in India.

 

The enforcement order gives 13 banks the legal option of entering the properties of Vijay Mallya. The debt-recovery and asset freezing efforts are being pursued by 13 banks, led by SBI. The other banks are Bank of Baroda, Corporation Bank, Federation Bank, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction.

 

The order gives permission to UK enforcement officers to use reasonable force to enter the property if necessary. The banks can enforce the Indian court ruling freezing Mallya’s wealth in England and Wales.

 

The banks’ case is being pursued independently by Indian authorities to extradite him to face charges relating to fraud and money laundering. The move comes after a separate order passed that required Mallya to pay the banks £200,000 (₹1.8 crore) by June 5 this year towards the costs of the legal case being pursued against him, after Mallya attempted to get the registration of a ruling by India’s Debt Recovery Tribunal in the UK and a worldwide freezing of international assets thrown out. He is currently seeking permission to appeal the case.