Skip to content
Search

Latest Stories

Vijay Mallya allowed access to UK court-held funds to meet legal, living expenses

Embattled liquor tycoon Vijay Mallya was granted access to around £1.1 million from court-held funds to meet his living expenses and legal costs by the High Court in London on Monday.

Deputy Insolvency and Companies Court Judge Nigel Barnett presided over a remote hearing to rule over the level of access to the funds held with the Court Funds Office (CFO), as part of bankruptcy proceedings brought by a consortium of Indian banks led by the State Bank of India (SBI) in pursuit of unpaid loans.


By the latest order, the former Kingfisher Airlines chief has been given permission to withdraw funds from court to meet his living expenses through to August and to meet his incurred and future legal costs in relation to opposing the bankruptcy petition.

"On balance, Mallya has been successful on two aspects and the petitioning creditors [Indian banks] have been largely successful in defending the greatest part of the application," Judge Barnett noted, during the hearing which related to the question of costs associated with the "validation application".

The expenditure incurred from the CFO could face further scrutiny at a later date on the conclusion of the Indian banks’ bankruptcy petition, being represented in the UK court by the law firm TLT LLP.

Mallya remains on bail in Britain, having lost a separate legal battle against extradition to India to face charges of fraud and money laundering.

The High Court was informed last month that the 65-year-old businessman had applied for "another route" to stay in the UK, which most likely refers to asylum and such an application would have to be addressed confidentially before UK Home Secretary Priti Patel can sign off on extradition.

Meanwhile, he has been fighting the bankruptcy petition in the High Court and had sought access to funds to meet his considerable and mounting legal costs, both in the UK and India.

His lawyers argued that he should have access to court-held funds accrued from the sale of a French luxury property Le Grand Jardin last year because he has no other source of income, having lost two consultancy contracts last year.

The banks’ lawyers had countered that there was evidence that Mallya did have other assets that he could utilise to meet the very significant costs he was seeking to have validated and paid, including "two yachts that he has put into storage in Southampton, debts owed to him by family trusts, and cars in storage in France".

The bankruptcy proceedings remain ongoing as part of the Indian banks’ efforts to recoup around £1.145 billion in unpaid loans related to the now-defunct Kingfisher Airlines.

The SBI-led consortium of 13 Indian banks, which also includes 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 Reconstruction Co. Pvt Ltd, had initiated the proceedings against Mallya in December 2018. There have been a series of hearings in the case and related cost matters since then.

More For You

Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less
modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less