Mallya allowed some access to UK court-held funds to meet legal, living expenses

BusinessMallya allowed some access to UK court-held funds to meet legal, living...

Date:

Mallya allowed some access to UK court-held funds to meet legal, living expenses

London: Embattled liquor tycoon Vijay Mallya was granted access to around 1.1 million pounds from court-held funds to meet his living expenses and legal costs by the High Court in London on Monday.

Deputy Insolvency and Companies Court Judge Nigel Barnett presided over a remote hearing to rule over the level of access to the funds held with the Court Funds Office (CFO), as part of bankruptcy proceedings brought by a consortium of Indian banks led by the State Bank of India (SBI) in pursuit of unpaid loans.

By the latest order, the former Kingfisher Airlines chief has been given permission to withdraw funds from court to meet his living expenses through to August and to meet his incurred and future legal costs in relation to opposing the bankruptcy petition.

“On balance, Mallya has been successful on two aspects and the petitioning creditors [Indian banks] have been largely successful in defending the greatest part of the application,” Judge Barnett noted, during the hearing which related to the question of costs associated with the “validation application”.

The expenditure incurred from the CFO could face further scrutiny at a later date on the conclusion of the Indian banks’ bankruptcy petition, being represented in the UK court by the law firm TLT LLP.

Mallya remains on bail in Britain, having lost a separate legal battle against extradition to India to face charges of fraud and money laundering.

Share post:

Subscribe

Popular

More like this
Related

How to apply for a personal loan and get the best interest rate

Know how to apply for a personal loan, understand...

India Changes Visa Rules: Foreigners Must Register Before 180-Day Stay Ends

The Central Government has changed immigration rules for foreigners...

How RBI Controls Inflation in India (Explained Simply)

Every time prices rise rapidly, people hear the Reserve...

How RBI Interest Rate Changes Affect Your Loans, EMIs and Savings

Imagine checking your bank statement and noticing that your...