The 13 state-owned Indian banks that are currently trying to bring back the £1 billion Vijay Mallya owes them by legally seizing his assets in England, face delays as many of the assets they were hoping to get their hands on are not in his name. The banks have now made an application in London's high court for various banks and entities in possession of documents relating to the ownership structures of assets they believe are ultimately his, which include two super-yachts and a string of racing cars, to disclose them. On May 8 last year, the UK high court had given permission for the Bengaluru DRT judgment to be registered in English courts, allowing high court enforcement officers to seize up to £1.14 billion of Mallya's assets held in England and Wales.
However, so far there are many assets the banks believe belong to the indebted tycoon that they have not been able to seize. Last year, Mallya had shrugged off the high court judgment, saying “there was not much he owned here apart from a few cars and items of jewellery” as “his Tewin estate belonged to his children and his London town house to his mother.”
As a result of Mallya's application and other evidence arriving late, the hearing was adjourned. High Court judge Christopher Hancock QC ruled that Mallya's application for a stay would be heard first, followed by the application by the banks. The date is yet to be fixed. The third parties who are respondents in this case, who either own documents or directly own assets that the Indian banks think ultimately belong to Mallya, include Qatar National Bank, Tierra Blanca Limited, Indian Express Limited, Force India Limited, Barclays Bank, Bonhams 1973 Limited and RM Auctions Limited.
