Seems the ‘enjoy time’ for the Kingfisher Airlines owner and Indian billionaire Vijay Mallya has come to an end!
Mallya had fled to London without making the loan repayment to 17 Indian banks.
And, here is good news for all such banks!
In a latest update, Mallya’s plea against extradition has reportedly faced a jolt at the London High Court.
With this, the UK authorities are preparing to send him back to India in couple of months.
Now, Mallya has just 14 days to fight for his plea at the high court.
“Naturally disappointed,” said Mallya.
“I will continue to pursue further legal remedies as advised by my lawyers. I am also disappointed with the media narrative which states that I must face trial in India for a fraud of Rs. 9000 crores. I have repeatedly offered to repay the banks in full, but sadly, to no avail,” he further stated.
Mallya is currently having his time between a multi-million-pound worth mansion in London and a estate in Hertfordshire once owned by the former FI racer Lewis Hamilton’s father.
Now, he is left with just 14 days to make a re-appeal. For this, he would require high court to certify on law of public importance followed by the approval to approach the Supreme Court.
If the high court denies, then the Supreme Court will be left with no option other than extraditing Mallya within the next 28 days.
“The allegations against me and others are specifically and only related to three tranches of borrowing from IDBI Bank for a total of Rs. 900 crores in 2009. This loan was subsumed along with loans from other banks within the Master Debt Recast Agreement of 2010. Following the DRT order for the payment of approximately Rs. 5,000 crores by way of principal and Rs. 1,200 crores by way of unapplied interest making a total of Rs. 6,200 crores, the banks have already recovered in cash a sum of Rs. 2,500 crores which is 50 percent of the principal amount,” Mallya said in a statement.
Extradition Barrister Toby Cadman says, “He faces a significant hurdle in getting his case to the Supreme Court as the threshold is high and is often not met.”