Indian banks have won a UK lawsuit against Indian tycoon Vijay Mallya on Tuesday seeking to collect Rs.10, 000 crores.
Judge Andrew Henshaw in London said that the consortium of Indian banks can enforce an Indian court ruling. The Judge also refused permission to appeal against Tuesday's ruling. The Banks approached the court alleging that Mallya willfully defaulted about Rs.10,000 crore in debt for his already closed company, Kingfisher Airlines.
Banks' Attorneys said the ruling will allow them to enforce the underlying judgement by the Indian debt recovery tribunal immediately. Meanwhile, a Delhi court issued fresh directions to attach the properties of business Vijay Mallya.