Vijay Mallya
UK court refuses release of substantial funds for Vijay Mallya's legal fees
London/IBNS: A court in the UK has refused to release 2.8 million pounds of the estimated 2.9 million pounds held with the Court Funds Office (CFO) under the UK's Insolvency Act 1986, petitioned by fugitive liquor tycoon Vijay Mallya, said media reports.
In a remote hearing, Judge Sebastian Prentis at the Insolvency and Companies Court (ICC) of the High Court in London rejected the plea citing insufficient information provided by Mallya.
Mallaya is wanted in India after his now-defunct Kingfisher Airlines was accused of committing fraud and laundering nearly Rs. 9,000 crore, which he took in loans from different PSU banks, with no intention to return.
The Judge allowed only enough funds to pay for an appeal hearing on Wednesday in the bankruptcy case being pursued against Mallya by a consortium of Indian banks, led by the State Bank of India (SBI).
The updated list of former Kingfisher CEO includes jewellery and a "fine suite" of high-value luxury cars, on which the judge raised questions and expressed surprise over the urgency of the application for the release of funds.
The issue of release of funds held with the Court Funds Office (CFO) will be heard on January 22 for meeting Mallya's living expenses and legal fees . The funds in question are the proceeds from the sale of a French luxury property Le Grand Jardin last year.
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