Embattled liquor mogul Vijay Mallya is willing to curtail his “lavish” lifestyle to fulfill numerous Indian banks looking to recoup some of the nearly 1. A hundred forty-five billion kilos owed to them, a UK court docket became told.
The 63-12 months-antique had been sanctioned a “regular residing charges allowance” of a maximum of 18,325.31 pounds a week, which he provided to cut down to around 29,500 pounds a month throughout a UK High Court listening to this week.
However, a consortium of 13 Indian banks led by way of the State Bank of India (SBI) did not agree to his offer as they are seeking to get entry to almost 260,000 pounds in an ICICI Bank current account in his name in London.
DWF Law LLP, representing Mallya in his legal fight in opposition to the banks, said the previous Kingfisher Airlines’ boss intends to live inside any court-ordered spending limits.
“Dr. Mallya keeps to do all he can to support a court docket manner in India, which must see creditors paid off incomplete,” Jonathan Isaacs, an associate at DWF Law LLP, said in a statement to PTI.
“It is unlucky that he has to combat UK enforcement at the equal time; however, no one creditor has to be allowed to interrupt rank and clutch property at the expense of all other lenders. Dr. Mallya meanwhile lives nicely inside the court-ordered limits and looks forward to all subjects concluding in the coming months,” he stated.
At a listening before Master David Cook at the Queen’s Bench Division of the UK High Court on Wednesday, lawyers representing SBI and 12 different Indian banks highlighted that Mallya maintains a “lavish lifestyle” despite owing them thousands and thousands in debt.