Vijay Mallya called himself the King of Good Times. And now living in exile in London he might have just got his 'good times' back!?
The high court in London has just increased his weekly living allowance from ?5,000 (Rs 4.5 lakh) to ?18,325 (Rs 16 lakh) whilst the freeze order on his global assets remains in place.
AFP
¡°If he is used to a luxury lifestyle then the court will not suddenly make him live on ?200 (Rs 17,000) a week,¡± said Sarosh Zaiwalla, senior partner at Zaiwalla & Co. LLP London. ¡°He is entitled to legal expenses on top. The judge considers his style of living to reach a fair result.¡±
The court ruling came days after Mallya lost another legal battle linked to his now- defunct Kingfisher Airlines after the UK High Court awarded Singapore-based BOC Aviation an estimated $90 million in claims.
AFP
According to the complaint, Kingfisher Airlines signed an agreement with aircraft leasing company BOC Aviation to lease out four aircrafts in 2014. The company delivered three of them but the fourth one couldn't be delivered due to an advance payment issue. BOC Aviation told the court Kingfisher Airlines was 'contractually bound' to pay the security amount, but the security that paid by Kingfisher was not enough as per the agreement, following which BOC Aviation moved the London court for claim.?
AFP
The flamboyant businessman is accused by more than a dozen Indian banks, including the state-owned IDBI Bank Ltd., of willfully defaulting on about $1.4 billion in debt for his now-defunct Kingfisher Airlines Ltd.?
Mallya was arrested in London in April at the request of Indian authorities. The 61-year-old is currently in the middle of an extradition hearing in a bid to avoid being sent back to his home country to face fraud and money laundering charges.?