London: A British court has given a major blow to industrialist Vijay Mallya and ordered it to repay 200,000 pounds (about 1.81 crore rupees) to the Indian bank. Significantly, the concerned Indian bank Vijay Mallya is fighting a legal battle to recover his outstanding debt. Judge Andrew Henshaw last month refused to overturn a worldwide order to curb Mallya’s property. At the same time, he justified this system of Indian court that the group of 13 Indian banks led by State Bank of India are entitled to recover approximately 1.145 billion pounds from Mallya.
Under this order, the court asked Mallya to pay the cost of the worldwide attachment order in the UK and registration of Karnataka Recovery Tribunal (DRT) in the registration item of the cost. A legal expert with information on the matter said that the court ordered Mallya to pay the cost of the bank. The standard order is that if the concerned party does not agree with the amount to be paid, then the court will assess it.
The cost of assessment by the court is a separate process which will end with other court hearing before the special judge (cost). But in the meantime, Mallya must pay 200,000 pounds for legal costs accountability. On May 8, Judge Hanshaw refused to overturn the worldwide order to quench the properties of Mallya in his decision. They upheld the order of a court of India in which it has been said that the group of 13 banks has the right to recover about 1.145 billion pounds from Mallya.
These banks include State Bank of India, Bank of Baroda, Corporation Bank, Federal 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 JM Financial Asset Reconstruction Company. It is worth mentioning that Indian banks have lent a loan of about Rs 9000 crore on Mallya who ran away from India.