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London Court refuses Vijay Mallya Plea for INR 7.8 crore from frozen funds

1 min read

Lekha G

A London Court has refused plea by former liquor baron Vijay Mallya to release INR 7.8 crore from frozen funds in order to pay his legal fees in India.

Dismissing the appeal, the London High Court Chancery Appeals Division Judge said the money cannot be released as there was no breakdown and invoices in support of the amounts being asked.

The Judge further said, “The banks have repeatedly asked for this information (on the break-up and invoices) and he has had numerous opportunities to provide it. Mallya has not provided any details of steps that might be taken in the Indian proceedings in the foreseeable future that might have a bearing on the bankruptcy petition.”

Mallya had appealed to the High Court challenging the Lower Court’s dismissal of the said plea. The INR 29 crore deposited in the Court was accrued from sale of €3.2 million property Le Grand Jardin in Cannes, France.