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The Supreme Court of India has said that banks that owe more than a billion dollars to <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> have all the rights to access details of the assets that he owns outside India. 
 
The former liquor baron of India, who fled India before banks could get a restriction order against him, had stated that since the loans that he has taken were not based on his overseas properties and investments, banks have no right seeking any information about them. 
 
As of now, the Indian government has cancelled his passport, with an arrest warrant being issued by a Mumbai court since he didn’t turn up for three meetings held with investigators in Mumbai. 
 
<a href="http://bsmedia.business-standard.com/_media/bs/img/article/2016-03/10/full/1457552581-4399.jpg">Image source</a>

SC says Vijay Mallya will have to declare all his assets to the Banks, including that of his wife’s and children’s

The long list of assets owned by <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who has been in news constantly since the past few days for <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms" target="_BLANK￿￿￿￿">fleeing away from the country</a> even though he owes state-run banks some 9000 crore rupees, has not been able to avoid the Indian government’s hawk eyes. 
 
Apparently, the government is all set to auction off Vijay Mallya's assets, which include his personal Airbus ACJ 319, so that his service tax dues of Rs 812 crore can be recovered. 
 
Mallya’s other assets that are about to be auctioned include five smaller ATRs and three helicopters belonging to Mallya's <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms" target="_BLANK￿￿￿￿">Kingfisher Airlines</a>. 
 
Also read: <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms" target="_BLANK￿￿￿￿">Vijay Mallya - the escapee who didn't escape, apparently</a> 
 
"We are going ahead with the auction," a senior Central Board of Excise &amp; Customs (CBEC) official told ET. 
 
Even though the tax department wanted to arrest Mallya last year, it was rebuffed by a Mumbai metropolitan magistrate on the execution of a personal recognisance bond of Rs 50 lakh. Ecen then, the tax department had argued that Mallya could leave the country and had asked the court to ask him to surrender his passport, but that didn’t happen and as a result, <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms" target="_BLANK￿￿￿￿">Mallya has fled the country</a>. 
 
The news has come just a day after <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms" target="_BLANK￿￿￿￿">Hyderabad court had issued a non-bailable warrant</a> against Mallya after he failed to appear in court in connection to a lawsuit by GMR Hyderabad International Airport Ltd. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/5/54/Vijaymallya.jpg">Image source</a>

Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

India’s banks can breathe a sigh of relief. On May 8th, a UK court upheld a decision by the <keyword id="6511712" type="ORGANIZATION" weightage="20" keywordseo="karnataka-debt-recovery-tribunal">Karnataka Debt Recovery Tribunal</keyword> regarding <keyword id="6360137" type="COMPANY" weightage="20" keywordseo="kingfisher">Kingfisher</keyword> tycoon <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s outstanding dues and maintained a worldwide freeze on his assets. The freeze will prevent Mallya from selling any assets in the England and Wales. Mallya is wanted in India for suspected fraud and money laundering. As a result, a consortium of 13 Indian banks - which includes the state-owned <keyword id="6354731" type="UNKNOWN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword>, IDBI Bank and Punjab National Bank - who extended loans to Mallya’s now-defunct Kingfisher Airlines will be able to to collect $1.55 billion worth of claims against his assets in the UK. The prosecution, which was representing the banks, successfully argued that Mallya “willfully defaulted” on the loans in spite of his considerable financial resources. The case reportedly marked the first time a ruling by an Indian tribunal had been registered in a UK court. Most importantly, it sets a precedent wherein a worldwide freeze can be imposed on a <keyword id="2168141" type="PERSON" weightage="20" keywordseo="Wilful-defaulter">wilful defaulter</keyword>’s assets. The ruling will also give the Indian government’s extradition proceedings against Mallya, which are expected to conclude in July 2018, a much-needed boost. To add insult the injury, the UK court has also barred Mallya’s legal team from appealing the ruling. If they wish to seek recourse, they will have no option but to directly petition the UK’s Court of Appeals. Mallya was <a href="https://www.nytimes.com/2017/04/18/business/vijay-mallya-extradition.html">arrested in April 2017 </a>on an extradition warrant over charges of defrauding his Indian creditors of $1.4 billion in loans. Currently out on bail, he has been absconding in England since March 2016 and refuses to come back to India over fears of an unfair trial. He has several cases pending against him in India over money laundering, tax evasion and credit defaults.

UK court allows Indian banks to collect claims worth $1.55 billion from tycoon Vijay Mallya

Banks and the <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (<keyword id="12163" type="COMPANY" weightage="100" keywordseo="Ed">ED</keyword>) seem to be having a tiff over the right over the promoter shares of <keyword id="7229" type="CITY" weightage="100" keywordseo="UB-Group">UB Group</keyword> companies that <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> had pledged with banks. A few weeks back, ED officials had taken possession of the shares of some of these companies and other assets. They will soon move to get a confiscation order from the courts so that they can take over the shares. However, as per banks, it’s not that simple. "We hold the first right on pledged shares as a charge was created while disbursing loans to Mallya and his companies," said one banker requesting anonymity. "ED may dispose of other assets where there is no charge, but selling shares and assets pledged to us is not possible." As per another banker, since banks hold prior right on all pledged assets, ED cannot confiscate such a property. "Also, we are waiting for the extradition proceedings to get completed; recovery will speed up if Mallya is brought back." The tiff might go for long and can also prove to be worrisome for Dutch brewer <keyword id="81732" type="COMPANY" weightage="100" keywordseo="Heineken">Heineken</keyword>'s plans to take majority ownership in <keyword id="81868" type="COMPANY" weightage="100" keywordseo="United-Breweries">United Breweries</keyword>, of which has Mallya is a joint owner with a 30% stake. This stake is among the assets that ED possesses. ED, however, has a possible upper hand in the form of an option. As per experts, if the agency proves to the court that money was laundered by Mallya and his companies and this laundered money was used to create these assets, then the ownership will have to be transferred to the government. "If ED presses charge of money laundering and is able to prove that these shares/assets are from ill-gotten wealth, then these will go to the government and the charge by banks falls," Babu Sivaprakasam, partner at Economic Laws Practice, told <a href="http://m.economictimes.com/news/politics-and-nation/enforcement-directorate-banks-claim-right-over-assets-pledged-by-vijay-mallya/articleshow/58918471.cms">ET</a>.

ED and banks to lock horns over assets pledged by Vijay Mallya

After two years of radio silence, liquor baron Vijay <keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword> finally released a statement to the media via <a href="https://twitter.com/TheVijayMallya?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">his Twitter account</a> yesterday. In a five page letter, Mallya explained that he had filed a motion in the Karnataka High Court seeking permission to sell ₹139 billion worth of his assets to cover his outstanding dues with creditors. Mallya and his firms - the now defunct <keyword id="6360137" type="COMPANY" weightage="20" keywordseo="kingfisher">Kingfisher</keyword> Airlines and United Breweries - were declared wilful defaulters in late 2015. However, according to him, this designation came despite not one, but two, settlement proposals from his side. Also, he refuses to concede that the firms defaulted on their loans for any reasons other than “business failure”, when in reality, the government is pursuing fraud charges against him for money laundering and fund diversion. He currently owes a consortium of 17 state-owned banks around ₹99 billion, a bulk of which he says is “on account of interest”. Noting his disapproval at being made “the poster boy of bank default and lightning rod of public anger”, Mallya said that the overarching desire of government agencies wasn’t to collect evidence of criminal intent or allow him to cover his dues but rather to get him to India to face criminal charges. His extradition hearing in London is scheduled to end in late July. A pre-emptive plea The move comes a few days after the Enforcement Directorate (ED) initiated proceedings to declare Mallya a “fugitive economic offender” under a special ordinance and confiscate around ₹125 billion of his assets. This likely scared him into submission. Mallya concluded the letter by reiterating his desire to settle his dues with the public sector banks. However, other than asserting his desire to comply with the authorities, his plea is unlikely to change anything. He still has no desire to appear in court in India. Furthermore, his claims that he’s been trying to settle his dues since 2016 bear little credibility. Simply put, if he could pay back his loans in the last few years, he would have. This is the same person who threw a lavish 60th birthday party for himself merely weeks after Kingfisher Airlines defaulted on more than $1 billion worth of loans from the State Bank of India and had failed to pay its employees’ salaries. Offering to sell assets that are already slated for confiscation Most of the assets that Mallya has told the Karnataka High Court that he intends to sell are already on the chopping block, as notified by the ED. These include shares in firms like United Spirits and United Breweries, real estate properties like Kingfisher Villa and deposits with the court. Furthermore, Mallya is overestimating the value of his assets. For example, the Kingfisher Villa has been slated for sale for two years, but hasn’t been sold yet as buyers have steered clear. The reserve price has since fallen from around ₹850 million to ₹730 million. The ED has already moved a special court for permission to sell Mallya and his firms’ assets without a trial. A decision is expected within the next few months. In the meantime, if Mallya really wishes to shake off this “poster boy” image, he should come to India and face the charges in court.

Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late

<ul><li>A <keyword id="6354868" type="COUNTRY" weightage="20" keywordseo="UK">UK</keyword> court has said that liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> should be extradited to India in order to answer for his alleged crimes, most of which relate to the default on loans made to the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. </li><li>Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether not he should be extradited. </li><li>Meanwhile, Mallya has the option of filing appeals in both the UK High Court and Supreme Court. </li><li>The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved.</li></ul>Yesterday, a UK court ruled that liquor baron Vijay Mallya could be <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">extradited to India</a> in order to answer for his alleged crimes, most of which relate to the default on thousands of crores worth of loans made to his now-defunct Kingfisher Airlines. Mallya is suspected to have misled the executives of several Indian banks, including the government-owned State Bank of India, about the financial struggles of the airline and diverted a lot of those funds to his other ventures. After waiting since February 2017, when it made a formal request to the UK for Mallya’s <keyword id="82903" type="ORGANIZATION" weightage="20" keywordseo="extradition">extradition</keyword>, India’s government was obviously <a href="https://www.ndtv.com/india-news/centre-deeply-satisfied-with-uk-courts-verdict-on-vijay-mallya-1960750">happy</a> with the verdict. However, a lot more work and judicial procedures remain to bring Mallya back to India and subsequently pay for his crimes. Following the decision by the Westminster Magistrate, the case has now been referred to the UK’s home secretary, who will rule on whether or not he should be extradited. A decision is expected within two months. Meanwhile, Mallya has two weeks to lodge an appeal in the UK High Court against the lower court’s recommendation to extradite him as well as the home secretary’s decision, as and when it's made. If the appeal, which will only be heard if the home secretary allows it, is rejected, Mallya can then seek recourse in the UK Supreme Court within two weeks of the high court’s verdict. The entire process is expected to take months on end, if not years, given the number of judicial procedures and legal steps involved. Also, given that so much of this is dependent on the discretion of the home secretary, the Indian government will need to consistently make its case for extradition to the UK government. In addition to the severity of his financial crimes, it will have to prove repeatedly that Mallya will be subjected to a fair trial and humane living conditions while in jail. Meanwhile, India’s investigative and law enforcement agencies, primarily the <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED), will get to work on having Mallya declared a “fugitive economic offender.” The designation will allow them to <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">seize his assets</a>, both domestic and international. Last week, India’s Supreme Court <a href="https://www.livemint.com/Industry/UU8sXq3IsKGTpA4TS6DmjJ/Supreme-Court-refuses-to-stay-ED-proceedings-against-Vijay-M.html">dismissed a plea</a> by Mallya seeking a suspension on proceedings against him by the ED. In addition to securing the “fugitive economic offender” label for Mallya from a special anti-corruption court, the agency is also looking to confiscate ₹125 billion worth of his assets. SEE ALSO: <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a> <a href="https://www.businessinsider.in/liquor-baron-vijay-mallya-will-be-the-first-to-be-tried-under-indias-new-fugitive-economic-offenders-ordinance/articleshow/64635569.cms">Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance</a> <a href="https://www.businessinsider.in/vijay-mallya-wants-to-sell-his-assets-to-pay-back-loans-but-it-might-be-too-little-too-late/articleshow/64760900.cms">Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late</a>

The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

<ul><li>The <keyword id="6456540" type="UNKNOWN" weightage="20" keywordseo="Fugitive-Economic-Offenders-Ordinance">Fugitive Economic Offenders Ordinance</keyword> applies to individuals who have defaulted on payments over ₹1 billion. </li><li>The <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (ED) plans to seize around ₹124 billion of his assets under the law. </li><li>Mallya owes a group of 17 banks — most of which are state-owned — nearly ₹100 billion. </li></ul> Liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> will soon become the <a href="https://indianexpress.com/article/india/enforcement-directorate-to-move-court-against-vijay-mallya-in-first-case-under-new-fugitives-law-5221809/">first person to be tried</a> under India’s recently implemented Fugitive Economic Offenders Ordinance. The Enforcement Directorate (ED), the agency responsible for economic crimes in the country, plans to seize around ₹124 billion of his assets under the law, which was approved in April 2018. It will file a case in a special court for the same. Mallya, who is currently contesting extradition proceedings from the UK, owes a group of 17 banks - most of which are state-owned - nearly ₹100 billion. He and two of his companies, the now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> and United Breweries, were declared ‘wilful defaulters’ in November 2015 by the State Bank of India and were accused of misappropriation of funds and of defaulting on payments to creditors. Mallya left India and moved to the UK in early 2016 after the banks filed a case against him with the Debt Recovery Tribunal. The Fugitive Economic Offenders Ordinance applies to individuals who have defaulted on payments over ₹1 billion. The ordinance defines a ‘fugitive economic offender’ as a person against whom an arrest warrant has been issued for a money-related crime, and has left the country so as to avoid a criminal trial or refuses to return to face the music. Once the ED files the case against Mallya in court, he has six weeks to present himself at a trial in a pre-specified location, where he will be tried under the Prevention of Money Laundering Act. If he does not show up, he will be declared a “fugitive economic offender”, which in turn will allow the ED to seize his domestic and international assets, even without being convicted in a trial, in order to pay back his creditors. These assets include Mallya’s shares in United Breweries as well as real estate properties in Alibaug and Bengaluru. If the case leads to successful resolution of Mallya’s unpaid dues, it will establish an important precedent in India’s legal landscape. The next case filed under the Fugitive Economic Offenders Ordinance could very well be against a famous diamond merchant.

Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance

The <a href="http://www.businessinsider.in/searchresult.cms?query=supreme+court">Supreme Court</a> did not agree with banks that <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA">Vijay Mallya</a> should be personally present in the court. 
 
Instead, the apex court issued notices to Mallya, seeking his views on the petition filed for his presence in the court as banks said he had left the country. 
 
Attorney General Mukul Rohatgi, who sought such an order from the court, argued that Mallya’s Twitter messages showed that he may be in London and a court order would force him to come back to the country. 
 
READ ALSO: <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">A little too late! Mallya flew out of India before banks could take a stay order against him</a> 
 
However, Justices Kurian Joseph and RF Nariman sought views from Mallya, United Breweries Holdings and the Indian Embassy in London, on the petition which wants him to disclose the details of all his assets to the court. 
 
Lenders are trying to recover loans worth a whopping Rs 9,000 crore from Mallya related to the now-defunct <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines">Kingfisher Airlines</a> founded by him. 
 
Mallya will have to reply to the notice by March 30, the next date of hearing. The applications also demanded that he furnish adequate guarantees to secure his presence in court. 
 
(Image: Indiatimes)

SC issues notice to Vijay Mallya, his presence may not be required in the court

Banks have rejected debt-ridden <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s offer and now the Supreme Court has directed him to make a full disclosure of all assets. 
 
Not only this, the apex court has also sought reply on when Mallya would appear personally in the court after 17 lenders moved the court for the same. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-Rs-4000-crore-offer-doesnt-impress-banks-dont-want-any-terms-or-conditions/articleshow/51680083.cms">Vijay Mallya's Rs 4,000-crore offer doesn't impress banks; don’t want any terms or conditions</a> 
 
"There's no liquid money. Everything is tied up in contingencies. We will need court orders to pay," one of Mallya’s lawyers CS Vaidyanathan said. 
 
The next hearing of the case is on April 26. 
 
READ ALSO: <a href="http://www.businessinsider.in/To-recover-dues-Kingfisher-Airlines-logo-will-also-go-under-hammer/articleshow/51612220.cms">To recover dues, Kingfisher Airlines’ logo will also go under hammer</a> 
 
Meanwhile, the Enforcement Directorate had also asked Mallya to be present on April 9 regarding a Rs 900-crore loan from IDBI Bank. 
 The banks are seeking more than Rs 9,000 crore in dues from loans given to <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>, which is grounded since 2012. Mallya had left India last month for the UK.

Vijay Mallya to disclose assets, fly back to India as banks reject settlement offer

As per an internal report of India’s biggest lender, the <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword>), there is little hope left of recovering anything substantial from the <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>. The report says that SBI should expect a hit of about Rs 900 crore because of the bad debts in the grounded airlines.SBI leads a consortium of 14 banks that the Vijay Mallya-promoted airline owes money to and the loans are worth more than Rs 5,000 crore, excluding accrued interest, out of which SBI has a fund-based exposure of over Rs 1,200 crore. "It is the policy of the bank not to comment upon individual accounts and its treatment" an SBI spokesperson told <a href="http://economictimes.indiatimes.com/industry/banking/finance/banking/sbi-now-expects-to-recover-only-part-of-kingfisher-dues-to-take-hit-of-rs-900-crore/articleshow/59008488.cms">ET</a>. As of now, <keyword id="6373968" type="PERSON" weightage="100" keywordseo="Mallya">Mallya</keyword> is in the UK and the Indian government has been fighting tooth and nail to extradite him, so that he can be put under trial for cases related to the airline's loan defaults. Mallya, however, has denied any wrongdoing.Banks now expect to recover about Rs 1,100 crore through the sale of pledged assets that are valued at Rs 1,565 crore, including Mallya's <keyword id="6360137" type="CITY" weightage="100" keywordseo="kingfisher">Kingfisher</keyword> villa in Goa. The villa was sold for Rs 73 crore in April as against the pegged market value of Rs 85 crore. "There are no takers for the Kingfisher Airlines brands which are valued (at) Rs 7-315 crore." a senior bank executive said. "Forget about brands, we have so far have struggled to sell even the real estate assets, such as <keyword id="861838" type="UNKNOWN" weightage="100" keywordseo="Kingfisher-House">Kingfisher House</keyword>, Mumbai."

Lost hopes! SBI expects to recover only part of Kingfisher loans

A consortium of 17 banks, led by State Bank of India, has slapped a contempt case against liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, his grounded airline <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> and United Breweries Holdings Limited (<keyword id="6656246" type="COMPANY" weightage="100" keywordseo="UBHL">UBHL</keyword>). In the petition that they have filed in the Karnataka High Court, they have alleged violation of an oral undertaking that he had given to the Debt Recovery Tribunal (DRT). 
 
“We have filed a contempt application in the High Court against Kingfisher Airlines, United Breweries Holdings Limited (UBHL) and Dr Vijay Mallya for violating an undertaking given before DRT…,” PTI quoted N Chintan Chinappa, counsel for consortium of banks as saying. 
 
Chinappa argued in the court that “an undertaking was given before the DRT that neither would the unencumbered assets be alienated nor dealt with, but Mallya went ahead and created pledges in violation.” The High Court then issued a contempt notice against Mallya. 
 
In total, all the banks had lent more than Rs 7,000 crore to Kingfisher Airlines, which has been grounded for long.

More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

<ul><li>The UK’s Home Secretary, <keyword id="6448687" type="PERSON" weightage="20" keywordseo="sajid-javid">Sajid Javid</keyword>, has finally signed off on the extradition of <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>. </li><li>This comes two months after the Westminster Magistrates’ Court ruled that the liquor baron could be extradited to India in order to answer for his alleged crimes. </li><li>Mallya now has 14 days to appeal the ruling.</li></ul>The UK’s Home Secretary, Sajid Javid, has finally signed off on the extradition of Vijay Mallya, nearly a month after he was declared a <a href="https://www.thehindu.com/news/national/vijay-mallya-declared-as-fugitive-economic-offender-under-new-law/article25919274.ece">“fugitive economic offender” </a>after a special court in India on charges of fraud and <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword>. He has defaulted on nearly ₹90 billion worth of loans made to his now-defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>. The case was sent to the UK Home Office In December 2018 after the Westminster Magistrates’ Court ruled that liquor baron Vijay Mallya <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">could be extradited to India</a> in order to answer for his alleged crimes. It took the full two months it had to make a decision. Javid’s verdict is an important victory for India. In addition to the severity of Mallya’s financial crimes, it was asked to guarantee that he would be subjected to a fair trial and humane living conditions while in jail. Mallya now has 14 days to appeal the ruling. For his part, he has vehemently denied reports that he fled India to prevent imprisonment and even said that he had made offers to pay back his loans. He took to Twitter shortly after the UK’s Home Office announced his decision. 
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 Given that Mallya now has the all-clear to appeal his extradition, it could be still be a few months before his extradition takes place. However, the Modi administration will likely do its best to secure his return before general elections in May, which will give it an important symbolic victory and bolster its anti-corruption stance. Separately, a special court set up under the Prevention of Money Laundering Act is expected to take a decision this week on a plea filed by a consortium of lenders led by the State Bank of India on whether ₹125 billion worth of confiscated assets belonging to Mallya can be liquidated at the earliest. SEE ALSO: <a href="https://www.businessinsider.in/the-extradition-of-vijay-mallya-the-indian-government-has-secured-a-key-victory-but-a-lot-more-work-remains/articleshow/67041778.cms">The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains</a> <a href="https://www.businessinsider.in/indian-liquor-tycoon-vijay-mallya-to-be-extradited-cbi-hopes-to-see-him-soon/articleshow/67027297.cms">Indian liquor tycoon Vijay Mallya to be extradited — CBI ‘hopes to see him soon’</a>

You Searched For "mallya assets" and got 12 results

SC says Vijay Mallya will have to declare all his assets to the Banks, including that of his wife’s and children’s

BI India Bureau

Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

BI India Bureau

UK court allows Indian banks to collect claims worth $1.55 billion from tycoon Vijay Mallya

Dilsher Dhillon

ED and banks to lock horns over assets pledged by Vijay Mallya

BI India Bureau

Vijay Mallya wants to sell his assets to pay back loans, but it might be too little too late

Dilsher Dhillon

The extradition of Vijay Mallya: The Indian government has secured a key victory but a lot more work remains

Dilsher Dhillon

Liquor baron Vijay Mallya will be the first to be tried under India’s new Fugitive Economic Offenders Ordinance

BI India Bureau

SC issues notice to Vijay Mallya, his presence may not be required in the court

BI India Bureau

Vijay Mallya to disclose assets, fly back to India as banks reject settlement offer

BI India Bureau

Lost hopes! SBI expects to recover only part of Kingfisher loans

BI India Bureau

More Trouble For Mallya: Consortium Of 17 Banks Files Contempt Petition

BI India Bureau

India just moved a step closer to securing the extradition of Vijay Mallya

Dilsher Dhillon

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