Thursday, February 15, 2018

Mallya loses battle-To pay 580 crores to BOC Aviation The Insider Car News

In latest legal blow to liquor baron Vijay Mallya, the UK High Court on February 12 ordered him to pay an estimated $90 million to Singapore-based aircraft leasing company BOC Aviation in claims. Mr. Mallya was arrested on an extradition warrant by Scotland Yard in April a year ago and has since been appearing for his extradition trial, which opened on December 4, 2017 to establish if he could be forced to return to India to face charges of fraud and money laundering involving Kingfisher Airlines' default of bank loans worth almost Rs. 9,000 crores.
Kingfisher Airlines Ltd and the United Breweries Ltd were listed as the defendants in the case. The case, dating back to 2014, is related to the leasing of aircraft by Mallya's now defunct Kingfisher Airlines. Four planes were involved in it, out of which 3 planes were delivered. The delivery of the fourth plane was, however, withheld as a result of unpaid advance amount as per the agreement.
The Singaporean company had claimed that Mallya's airlines did not pay enough money as security deposit to cover the payments that Kingfisher is "contractually bound" to make, PTI reported.
15/02/18 InsiderCarNews
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