London : The UK Court has ordered liquor baron Vijay Mallya to pay a minimum of 2,00,000 pounds towards litigation costs incurred by 13 Indian banks to recover alleged dues.
Last month the Westminster Magistrates’ court refused to overrule an Indian courts order freezing Mallya’s assets worldwide and upheld the verdict that 13 Indian banks led by State Bank of Inida(SBI) were entitled to recover funds amounting to nearly 1.145 billion pounds.
The UK court will assess the costs on its own in a separate court before a specialist costs judge. But in the meantime, Mallya is required to pay the order amount of 2,00,000 pounds towards legal costs liability.
Mallya, who owes Rs. 9,000 crores in debt to Indian banks, is due back at the same court next month for final hearings in his extradition case