INSUBCONTINENT EXCLUSIVE:
Vijay Mallya remains on bail after his extradition was signed off by UK home secretary.Embattled liquor tycoon Vijay Mallya once again used
social media to reiterate his offer to pay back the debt owed to public sector banks in India, targeting this time the State Bank of India
(SBI) for allegedly wasting Indian taxpayers' money on expensive legal fees in the UK.Days after a UK High Court judge refused to dismiss an
interim order freezing nearly 260,000 pounds in one of his London bank accounts, the 63-year-old issued a string of statements on Twitter to
allege that the SBI led consortium of PSU banks were wrongly going after him in the UK courts."SBI Lawyers in UK making presentations on
their accomplishments against me
Despite full recovery in India confirmed by the Prime Minister himself," he tweeted on Friday
His statements were illustrated with a series of document screenshots showing TLT LLP, the banks' law firm, hailing its victory in the 1.142
billion pounds worldwide freezing order judgment in their favour last May."SBI UK Lawyers in self-promotion at Indian public cost
SBI must answer," reads Mallya's tweet
In his characteristic style, the media was once again at the receiving end of the former Kingfisher Airlines boss' social media comments.He
noted: "Whilst media love sensational headlines, why doesn't anybody ask the PSU State Bank of India under RTI [Right to Information] on how
much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India
"To substantiate my point, assets belonging to me in the UK were sold and the costs of sale were almost 50 per cent of value
The remaining assets yet to be sold won't cover legal costs
So what's this all about To enrich UK Lawyers SBI please answer."On Thursday, Mallya had made another reference to Prime Minister Narendra
Modi's interview from last month, in which he had claimed that the government had recovered assets worth Rs 14,000 crores related to the
now-defunct airline's loan defaults
Mallya is wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.The series of statements follow a
ruling by Master David Cook, a judge in the Queen's Bench Division of the Royal Courts of Justice in London, earlier this week which went
Master Cook ruled that an interim debt order in favour of SBI and other banks seeking access to funds in Mallya's ICICI UK bank account
However, the application to make it final has been adjourned until after the hearing of Mallya's pending bankruptcy petition, expected by
the end of this year.The funds held in the account - 258,559.79 pounds - will meanwhile remain frozen as part of the worldwide freezing
order in favour of the Indian banks last year
Mallya's lawyers had argued for the dismissal of the interim order on a number of grounds, including a claim that it was a "deliberate
ploy" to prevent Mallya "reasonable" court-sanctioned living expenses
However, the judge rejected the assertion and noted that the Indian banks are within their rights to discover the true extent of Mallya's
assets in order to recover the estimated 1.142 billion pounds owed to them, arising from proceedings in the Bangalore Debt Recovery Tribunal
(DRT) against Kingfisher Airlines and others
The DRT case was registered in the UK under the Foreign Judgments (Reciprocal Enforcement) Act 1933 and went in favour of the Indian banks
in an appeal in May 2018.The banks - SBI, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu
Kashmir Bank, Punjab Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset
Pvt Ltd - have since also filed a bankruptcy petition against Mallya, which is being challenged by the former Kingfisher Airlines boss and
is expected to come up for hearing around December this year.TLT LLP, the law firm acting for the Indian banks, has been pursuing a series
of court orders in the UK courts as part of efforts to enforce last year's High Court judgment in favour of the banks.Meanwhile, Mallya
remains on bail after his extradition was signed off by UK home secretary Sajid Javid in February and is seeking leave to appeal against
that order in the UK High Court
An oral hearing on his appeal renewal application is expected in the coming weeks.Get the latest election news, live updates and election
schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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