Vijay Mallya loses against Indian banks but the battle is not over yet

A total of 13 Indian banks may have won a battle against Kingfisher Airlines founder Vijay Mallya, but there are many hurdles for the banks ahead. A UK high court judge ruled that an Indian  judgment against Mallya can legally be enforced on his assets in Wales and England.

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This judgment states that Mallya owes more than INR 9,000 crore to the banks. With the high court order, the officers can act to recover the debts from his assets in England and Wales. But the complex ownership structure of Mallya’s UK properties is frustrating attempts by the Indian banks to determine if they are his assets.

It is known that Mallya holds these assets through a network of complex ownership structures and he has been less forthcoming in providing the details when questioned. Mallya could seek permission to appeal against the high court decision in the court of appeal and he will receive permission if the court considers that the appeal has a prospect of success or if there is a reason to be heard.