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Will pursue legal remedies: Vijay Mallya on UK High Court ruling

The banks have already recovered in cash a sum of Rs 2,500 crores, which is 50 per cent of the principal amount, Mallya wrote in another tweet

twitter-logo BusinessToday.In        Last Updated: April 21, 2020  | 10:39 IST
Will pursue legal remedies: Vijay Mallya on UK High Court ruling
Vijay Mallya

Embattled liquor baron Vijay Mallya has expressed his disappointment after the UK High Court rejected his plea against extradition to India. The liquor tycoon said he would continue to pursue legal remedies.  The appeal dismissal clears the decks for Mallya's extradition to India to face the charges in the Indian courts. Mallya, who owes 17 Indian banks an estimated Rs 9,000 crore, is accused of fraud and money laundering.


Post court order, Mallya wrote as series of tweets saying despite his offer to repay in full, banks were reluctant in accepting the money. "Please note that 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," he tweeted.

Mallya added, "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 crore by way of principal and Rs 1,200 crore by way of unapplied interest making a total of Rs 6200 crores".

The banks have already recovered in cash a sum of Rs 2,500 crores, which is 50 per cent of the principal amount, Mallya wrote in another tweet."I have repeatedly offered to repay the Banks in full but, sadly to no avail," Mallya said.

Now, Mallya has 14 days to apply for permission to appeal to the UK Supreme Court. If he applies, the UK Home Office would wait for the outcome of that appeal. But if he does not, under the India-UK Extradition Treaty, it would then be expected to formally certify the court order for Mallya's extradition to India in 28 days.

The former Kingfisher Airlines boss had appealed to the higher court against his extradition ordered by the Westminster Magistrates' Court in London in December 2018, and then signed off by then UK Home Secretary Sajid Javid in February last year.

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