UK court grants enforcement order in Vijay Mallya assets case
The order grants permission to the UK Excessive Court docket Enforcement Officer to enter the 62-year-old tycoon’s properties in Hertfordshire, close to London.
It permits the officer and his brokers entry to Ladywalk and Bramble Lodge in Tewin, Welwyn, the place Mallya is presently based mostly. Nonetheless, it isn’t an instruction to enter, which implies the banks have the choice to make use of the order as one of many means to get better estimated funds of round 1.145 billion kilos.
“The Excessive Court docket Enforcement Officer, together with any enforcement brokers appearing beneath his authority, could enter Ladywalk, Queen Hoo Lane, Tewin, Welwyn… and Bramble Lodge, Queen Hoo Lane, Tewin, Welwyn, together with all outbuildings of Ladywalk and Bramble Lodge to seek for and take management of products belonging to the First Defendant (Mallya),” notes the order by Justice Byran, dated June 26.
“The Excessive Court docket Enforcement Officer, together with any Enforcement Agent appearing beneath his authority, could use affordable power to enter the Property if obligatory,” it states.
In response to authorized specialists with information of the case, the most recent order by the Excessive Court docket’s Queen’s Bench Division is the granting of permission, ought to or not it’s required, whereas the banks take into account “all of the enforcement choices accessible to them”.
The order pertains to the UK’s Tribunal Courts and Enforcement Act 2007 and follows a UK Excessive Court docket ruling in Might, which refused to overturn a worldwide order freezing Mallya’s property and upheld an Indian court docket’s ruling that the Indian banks had been entitled to get better funds. It marked the primary recorded case of a judgment of the Debt Restoration Tribunal (DRT) in India being registered by the English Excessive Court docket, setting a authorized precedent.
The victory for the 13 Indian banks – which embody State Financial institution of India, Financial institution of Baroda, Company financial institution, Federal Financial institution Ltd, IDBI Financial institution, Indian Abroad Financial institution, Jammu & Kashmir Financial institution, Punjab & Sind Financial institution, Punjab Nationwide Financial institution, State Financial institution of Mysore, UCO Financial institution, United Financial institution of India and JM Monetary Asset Reconstruction Co. Pvt Ltd – allows them to implement the Indian judgment towards Mallya’s property in England and Wales.
Mallya has made an utility within the Court docket of Attraction in search of permission to enchantment towards the order, which stays pending.