London court allows seizure of Vijay Mallya's UK assets

London : In a big win for Indian banks, the London court has given permission to seize liquor barron Vijay Mallya's UK assets. The decision comes amid Narendra Modi government's plan to declare him a fugitive economic offender under a newly-passed law.

The UK court decision comes in favour of 13 Indian banks that seek to recover nearly Rs 9000 crores from Vijay Mallya.

The court ruling gives banks an option to use the order as one of the means to recover estimated funds of around 1.145 billion pounds.

Vijay Mallya is on bail since his arrest on an extradition warrant in April last year. He will return for his extradition hearing at Westminster Magistrates’ Court in London on July 31, when closing arguments are expected from the Crown Prosecution Service (CPS), acting on behalf of the Indian government, and Mallya’s defence team.

In June, Vijay Mallya had claimed that he wants to sell his India property to repay creditors including PSBs.