The UK High Court has ordered embattled liquor tycoon Vijay Mallya to pay a minimum of 2 lakh pounds towards the costs incurred by 13 Indian banks in their legal battle to recover alleged dues.
Last month, Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya’s assets and upheld an Indian court’s ruling that a consortium of 13 Indian banks led by State Bank of India (SBI) were entitled to recover funds amounting to nearly 1.145 billion pounds.
As part of the judgment, the court has also ordered Mallya, to pay costs towards registration of the worldwide freezing order and of the Debt Recovery Tribunal (DRT) of Karnataka’s judgment in Britain.
Source: AIR