Vijay Mallya has recently applied to the UK court funds office to obtain Rs 14 crore as he cannot afford his legal fees for his court cases in India or the UK nor his Rs 22 lakh per month living expenses.
On Friday, the Insolvency and Companies Court (ICC) heard an urgent application from the indebted Mallya in which he requested the said amount of Rs 14 crore from the realisation of the sale of his property in France, of which the liquor and airline tycoon said Rs 4,91,19,883 was needed to pay as legal costs to his barrister who is representing him in his bankruptcy case.
Additionally the barrister, Philip Marshall QC who is representing Mallya, threatened to withdraw from the case if the fees were not paid stating that the 68-year-old would not have any legal representation at his bankruptcy hearing which is scheduled on December 18. According to Marshall, Mallya needed this money to fight his legal battles in India.
Earlier, Mallya had income from consultancy payments and a few other places to get his legal and living expenses paid for said Marshall. But since October 2020, these consultancy arrangements stopped continuing and so Mallya has to resort to this fund which is derived from the sale of a property in France, he added. The sale occurred in summer and was placed into a court as a convenient place to put the money said, Marshall.
The deputy ICC Judge, Daniel Schaffer adjourned the application of Mallya to January 2021 and instead agreed to release Rs 2,14,34,131 just to fund his legal fees related to the December 18 hearing. Rs 1,78,61,775 will be to fund his lawyers and Rs 18,17,257to fund an expert witness said the court.
However, according to Marcia Shekerdemian QC who is representing the consortium of Indian banks to whom Mallya owes more than Rs 11,000 crore said that what he actually wants is the release of 94% of the money held in court, which represents a substantial portion of his admitted UK assets.
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