Mallya loses UK lawsuit by Indian banks to collect $1.55 bn
Vijay Mallya has lost a UK lawsuit filed by Indian banks seeking to collect over $1.55 billion amid allegations that he committed massive fraud. The court said lenders can enforce an Indian court ruling related to allegations that Mallya wilfully defaulted on $1.4 billion in debt for his now-defunct Kingfisher Airlines. It refused to overturn worldwide order freezing Mallya's assets.