London: During a remote hearing of the Chancery Division, Justice Robert Miles handed down his judgment in favor of a consortium of Indian banks led by the State Bank of India (SBI).
Vijay Mallya on Wednesday lost an appeal to gain further access to court-held funds to cover his costs for legal proceedings in India, as a High Court judge in London concluded that the 65-year-old businessman had failed to provide sufficient evidence in support of the over 750,000 pounds being sought.
He also directed Mallya to cover 95 per cent of the costs of the appeal as the banks had been “very substantially successful” and the “overall winners” in fighting the case to prevent further sanctions from the court-held funds.
“The amount being sought was substantial, being over 550,000 pounds in respect of incurred costs and well over 200,000 pounds in respect of the future,” said Justice Miles.
