In a major setback to Indian businessman Vijay Mallya, a UK High Enforcement Officer is set to sell a fleet of cars belonging to him in the UK as part of efforts to recover loan repayment dues that the beleaguered liquor baron owes to a consortium of 13 Indian banks. An official statement released by the banks' legal representative confirmed on Friday.
Reportedly, Judge Andrew Henshaw allowed the banks to impose the order of an Indian court on allegations against Mallya, who is accused of willfully defaulting on about $1.4 billion or Rs 9,380 crore in debt for his now-defunct Kingfisher Airlines.
TLT LLP, the law firm which had won a landmark case in May when a UK High Court judge ruled in favour of the Indian banks and concluded they were entitled to recover funds amounting to nearly 1.145 billion pounds, said the sale of six cars owned by the 62-year-old former Kingfisher Airline boss and related concerns will take place following a UK High Court enforcement order last week.
Reportedly, the cars listed in the order include a range of luxury vehicles, some with personalised registration numbers - a 2016 Mini Countryman (AD16 1YX); a 2012 Maybach 62 (VJM1); a 2006 Ferrari F430 Spider (B055 VJM); a 2014 Range Rover Autobiography Supercharged (F1 VJM); a Ferrari F512M (M811 VGR); and a Porsche Cayenne (OO07 VJM) respectively.
In an enforcement order dated October 11, Justice Sara Cockerill had granted an order for a High Court Enforcement Officer to sell the six cars "by private treaty at a price not less than 404,000 pounds plus VAT". A further cost of making the application, assessed at 1906.10 pounds, was also added to the overall debt amount.
Vijay Mallya slipped out of the India and fled to the United Kingdom in March 2016 and has said, multiple times, that he will not return. Ever since, India has been on a mission to get him back and try him in court for alleged money laundering. India, through the Ministry of External Affairs, has submitted their extradition request to the United Kingdom in February of 2017. India and the United Kingdom signed an extradition treaty in 1992.Read More