Indian banks back in UK court over Vijay Mallya's non-payment of debt
London: A consortium of Indian public sector banks led by State Bank of India (SBI) are back in the UK high court to seek a bankruptcy order against liquor tycoon Vijay Mallya over the alleged unpaid debt of around 1.145 billion pounds.
Judge Michael Briggs is presiding over a hearing in the insolvency division of the court in London this week in relation to a bankruptcy petition filed by the banks back in 2018 in their attempt to recoup unpaid debt accrued by the now-defunct Kingfisher Airlines.
A previous UK High Court ruling had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks were entitled to recover funds amounting to nearly 1.145 billion pounds.
The banks then launched efforts to recover dues as part of the freezing order, with the bankruptcy petition aimed at seizing UK-based Mallya's assets to recover the dues.
Besides SBI, the 13 Indian banks include Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd.
They have secured follow-on High Court orders to recover some of the funds owed to them as a result of Kingfisher Airlines' unpaid loans.
In July, the banks had won a High Court battle to access documents they were after to establish the true ownership of assets they believed were linked with the embattled liquor tycoon.
Frankly, the answer needs to be known as to which assets are that of Mr Mallya, both for the purpose of the worldwide freezing order and enforcement of the judgment, Justice Robin Knowles had ruled.
Two superyachts, a game reserve in South Africa, numerous undeclared high-value and vintage cars, valuable paintings and a piano previously owned by famous British singer-songwriter Elton John were among some of the assets on their target list.
The true ownership of a plush home overlooking Regent's Park in the heart of London also remains in contention.
Mallya's legal team has argued that the petition for bankruptcy in the UK should be dismissed because the banks are pursuing the same debt through the Indian courts.
The lawyers have also sought a stay on proceedings until Mallya's appeal against his extradition order, scheduled in the Royal Courts of Justice in London, is heard in February next year.
Meanwhile, Mallya remains on bail pending the appeal hearing in the extradition proceedings brought by India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
He had been arrested on an extradition warrant back in April 2017 and has been fighting his extradition in the UK courts since then.
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Indian passengers stuck in Abu Dhabi heave sigh of relief on arrival at Bengaluru airport
Bengaluru (PTI): Relief was writ large on the faces of Indian passengers who arrived at the Kempegowda International Airport here from the UAE, ending a period of high tension fueled by the conflict in West Asia.
Upon arrival on Monday night, the passengers recollected the tense moments of a missile attack in the Gulf nation, before flying towards safety.
Travellers thanked Etihad Airways, the Abu Dhabi government and the Indian government for ensuring their safety and providing accommodation and transport during the disruption.
Saurabh Shetty, who hails from Mangaluru and works for an oil company in Abu Dhabi, described the situation as “worrisome and scary”.
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“When I came to catch my flight on February 28, everything seemed alright. Suddenly, near the check-in area, we got an alarm and were asked to sit down. We were cautioned not to sit near the windows because of a missile threat,” he told PTI videos.
“Someone said, ‘Missile is going to hit.’ We were shocked. We were like we are in the safest city — Abu Dhabi. How can this happen here? Later, when we looked outside, we saw a missile. We never thought such things could happen here. Everyone was calling to check if we were safe. Thankfully, we were safe inside the airport,” Shetty added.
Calling it a “life-breaking moment”, he said, “When you see a missile in front of you, you feel it may hit you any moment. From my (hotel) room, I could see interceptions happening in the sky. At that time, I thought about how the Indian Army faces such situations. We have great respect for them.”
He also expressed condolences for those who lost their lives. “We survived and returned home. If one missile had hit, we would not be here. All we wanted was to see our families,” he said, while appreciating the authorities in Abu Dhabi for taking care of stranded passengers.
Mahesh, who was travelling from Boston, lauded the airline’s arrangements.
“One flight has landed from Abu Dhabi. The service was great. They provided us a good hotel and arranged food. We stayed comfortably. Around 15 to 16 flights operated today, and they are expecting more to resume. Only partial airspace is available right now,” he said.
Ramya, a Bengaluru resident who had travelled to Dubai and Abu Dhabi, said, “Our return flight was cancelled initially. Today (March 2), Etihad arranged another flight for us. As of now, the situation seems peaceful, but as a precautionary measure, they had closed the airspace. Only about 15 flights have been allowed.”
Bharat said the situation has improved. “The last two days were a little scary. But, today it is better. They arranged flights for us to return. Special thanks to the Indian and UAE governments for extending our stay and accommodating us,” he said.
Niruban from Coimbatore said there was some delay due to drone activity, but the journey back was smooth. “Thanks to Etihad Airways, we reached safely....The Abu Dhabi government took very good care of us. Within four to five hours, they arranged transport to good hotels and ensured everyone’s safety. Even while returning to the airport, proper transportation was arranged.”
Prasad, a software developer working in Bengaluru, said while Abu Dhabi was relatively stable, the atmosphere remained tense.
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“We heard sounds and felt vibrations. There were interceptions happening, and some debris reportedly fell near the airport. Dubai was said to be worse. But the authorities provided accommodation free of cost and coordinated well with the Indian authorities. My advice to those there is to follow government guidelines,” he said.
Girimalappa Kerur, originally from Bilgi in Bagalkot district and currently based in Bengaluru, said he was travelling to Paris on a business trip but got stranded.
“We could hear explosions, and we were told around 15 missiles were intercepted in Abu Dhabi. One person reportedly died due to debris. Etihad arranged a safe hotel away from the airport. They are operating about 15 flights a day between 5 am and 5 pm to clear the backlog from February 28. I cancelled my onward trip to Paris and returned to Bengaluru. I’m relieved to be back,” he said.
