Vijay Mallya has lost his attempt to appeal against a UK High Court order in favour of 13 Indian banks to recover funds amounting to nearly 1.145 billion pounds, in another setback to the embattled liquor tycoon.
The UK’s Court of Appeal refused the businessman, who is separately undergoing an extradition trial in a UK court over fraud and money laundering charges by the Indian authorities, the permission to appeal against the High Court order dated May 8.
In the ruling, Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya’s assets and also denied permission to appeal, which left Mallya with the only option of turning to the Court of Appeal.
Judge Henshaw’s order marked the first recorded case of a judgment of the Debt Recovery Tribunal (DRT) in India being registered by the English High Court, setting a legal precedent.
The Court of Appeal judges looked into Mallya’s application seeking permission to appeal and decided against it yesterday.
As a result of the High Court order, the 13 Indian banks have the right to enforce the Indian judgment against Mallya’s assets in England and Wales.