Vijay Mallya faces bankruptcy proceedings in UK High Court
London, Dec 18 : Embattled liquor tycoon Vijay Mallya's legal troubles continue to mount as he is set to face bankruptcy proceedings in the UK High Court next year, brought by a consortium of Indian banks in their attempt to recoup unpaid debt worth nearly 1.145 billion pounds.
TLT LLP, the UK-based law firm which had won a landmark case for the 13 banks led by State Bank of India (SBI) earlier this year, confirmed on Monday that their bankruptcy petition against the 62-year-old businessman has been transferred to the insolvency list in London's High Court of Justice for a hearing in the first half of 2019.
"We can confirm that we presented a bankruptcy petition against Dr Mallya on behalf of the banks on 11 September 2018," said Paul Gair, partner at TLT.
"This was issued in Dr Mallya's local court, Northampton County Court, and has now been transferred to the insolvency list in the High Court of Justice in London for the hearing. The hearing is expected to take place in the Spring," he said.
In a ruling in May, a UK High Court judge 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.
TLT LLP has been representing the banks in their efforts to recover their dues as part of the worldwide freezing order, with the bankruptcy petition aimed at seizing his assets to recover 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 unpaid loans by Mallya's now-defunct Kingfisher Airlines.
Mallya, meanwhile, remains on bail after his extradition was recently ordered by Westminster Magistrates' Court in London, an order which now awaits a sign-off by UK home secretary Sajid Javid.
Chief Magistrate, Judge Emma Arbuthnot, had ruled last week that Mallya does have a case to answer in the Indian courts over substantial "misrepresentations" of his financial dealings, in a boost to India's efforts to bring back the businessman wanted for alleged bank fraud and money laundering charges amounting to an estimated Rs 9,000 crores.
"There is clear evidence of dispersal and misapplication of the loan funds and I find a prima facie case the Dr Mallya was involved in a conspiracy to launder money," the ruling noted.
Mallya has indicated that he plans to appeal the verdict in the High Court.
"My legal team will review the judgment in detail, consider various options and then I will decide going forward. There is a process ahead," he told reporters.
He will have 14 days to file an appeal once Javid has made his decision on the extradition order, which rarely goes against the Chief Magistrate's conclusion.
In separate legal proceedings, Mallya is also set for a trial in May next year to prevent his posh London home, overlooking Regent's Park, from foreclosure by Swiss Bank UBS.
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18 of 283 stranded Karnataka residents return from West Asia
Bengaluru (PTI): The Karnataka government on Tuesday said 18 of the 283 people from Karnataka stranded in conflict-hit West Asian countries returned home on Tuesday morning.
Details of all those people from the state stranded in the Gulf region have been forwarded to the MEA and Karnataka Bhavan for necessary coordination and assistance, they said.
"As of 10 am on March 3, details of 283 stranded people from Karnataka received at SEOC (State Emergency Operations Centre) and DEOC (District Emergency Operations Centre), and they were forwarded to MEA and Karnataka Bhavan. Out of which, 18 have returned this morning, some are in transit," the office of Munish Moudgil, Relief Commissioner and Principal Secretary to Government, Revenue Department said in a statement.
As per the calls received at the SEOC and various DEOCs, 265 people from Karnataka (excluding returnees) are stranded at the conflict-hit regions of the West Asian countries.
Of these, 198 people from Karnataka are stranded in the UAE, 31 people in Bahrain, 14 in Qatar, 13 in Kuwait, four in Saudi Arabia, four in Iran and one in Turkey.
Meanwhile, as many as 42 flights were cancelled at the Kempegowda International Airport here till 3 pm on Tuesday due to prevailing airspace restrictions, airport authorities said.
A total of 21 arrivals and 21 departures were affected, disrupting services on key international sectors including Abu Dhabi, Riyadh, Jeddah, Dammam, Dubai and Doha, they said.
According to the official statement, flight operations have partially resumed from the UAE and other West Asian countries.
Passengers should check flight status with their airlines before going to the airport and rely only on official sources for updates. Passengers can reach out to the AirSewa portal (https://airsewa.gov.in/#/home) or call the MOCA helpline number 011-24604283/011-24632987 for information on flight status, it said.
The SEOC and DEOCs are regularly updating advisories issued by the MEA and Indian Embassies/Consulates in the affected countries.
The Karnataka Resident Commissioner has also activated the Karnataka Bhavan team in New Delhi for coordination, they said.
The state government has urged people from Karnataka residing in the affected West Asian countries to strictly adhere to the guidelines and advisories issued by the local governments.
They have been advised to contact the respective Indian Embassies/Consulates through helpline numbers and register on the Sarthi Sahayata portal and other official portals of the concerned Embassies/Consulates. Further, for transit visa-related matters, it is requested to contact the nearest FRRO, the statement added.
