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Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing earlier this year, delivered the verdict.
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On the second day of the final stage of the High Court appeal hearing, being pursued by 51-year-old Modi against being extradited to face the Indian courts in the estimated USD 2 billion Punjab National Bank loan scam case, a two-judge panel continued to hear arguments that the diamantaire poses a high risk of suicide due to his depressive state.
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Lord Justice Jeremy Stuart-Smith and Justice Robert Jay heard from Andrew Forrester, Professor of Forensic Psychiatry at Cardiff University, and Seena Fazel, Professor of Forensic Psychiatry at Oxford University, in the final stages of the extradition appeal being pursued by the 51-year-old diamond merchant.
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The divorce case, touted to be the biggest in British legal history, involves a divorce settlement worth £554 million ($734 million), which is set to protect Princess Haya, who is the youngest of Sheikh Mohammed Bin Rashid Al-Maktoum’s six wives, and her two children from the threat that he poses to their security.
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Mumbai-headquartered IDBI had entered into loans totalling USD 148 million with two Singapore registered companies -- Varada Drilling One Pte Ltd and Varada Drilling Two Pte Ltd -- for the construction of two jack up drilling rigs in March 2013.
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The Crown Prosecution Service (CPS) confirmed an appeal has been lodged but a High Court judge who will make a decision on the matter is yet to be assigned.
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Justice Michael Briggs of the insolvency division of the High Court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka High Court be determined, allowing him time to repay his debts to the banks in full.
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Mallya, 64, is wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores in unpaid bank loans.
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The consortium of PSU banks led by State Bank of India (SBI) have been pursuing the 63-year-old former Kingfisher Airlines boss in their attempt to recover some of the funds owed to them under a 1.145 billion pounds worldwide freezing order.
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The consortium of PSU banks led by State Bank of India (SBI) have been pursuing the 63-year-old former Kingfisher Airlines boss in their attempt to recover some of the funds owed to them under a 1.145 billion pounds worldwide freezing order.
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A two-member bench of the Royal Courts of Justice comprising Justices George Leggatt and Andrew Popplewell made the conclusion after hearing the arguments.
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The 63-year-old former Kingfisher Airlines boss has already lost a UK High Court 'leave to appeal' on paper, leading to an oral hearing of his renewal application this week.
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The UK's Crown Prosecution Service (CPS) said that the hearing of Modi's bail plea will take place at the Royal Courts of Justice in London on June 11.
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The 63-year-old had been sanctioned an 'ordinary living expenses allowance' of a maximum of 18,325.31 pounds a week, which he offered to cut down to around 29,500 pounds a month during a UK High Court hearing this week.
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The diamond merchant, who has been behind bars at HMP Wandsworth in south-west London ever since his first bail application was rejected on March 20, can apply for a High Court bail appeal at any time until his next remand hearing on April 26.
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TLT LLP, the UK-based law firm which had won a landmark case for the 13 banks led by State Bank of India (SBI) earlier this year, confirmed on Monday that their bankruptcy petition against the 62-year-old businessman has been transferred to the insolvency list in London's High Court of Justice for a hearing in the first half of 2019.
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Judge Andrew Henshaw, who upheld a worldwide freeze order and ruled in favour of 13 Indian state-owned banks to recover funds amounting to nearly 1.145 billion pounds in a judgment yesterday, took note of the fact that the 62-year-old businessman is contesting his extradition to India relating to "alleged financial misconduct".
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Vijay Mallya-owned troubled Kingfisher Airlines owes Bank of Scotland USD 21.6 million in overdue lease payments for 10 ATR 72-500 aircraft, a UK High Court has ruled.
